Mayapur Sales Pvt. Ltd.

The Adjudicating Authority held that the default as mentioned in the petition is 25th July, 2011. No payment has been made since 25th July, 2011. The confirmation of accounts for the Financial Years 2014-15, 2015-16, 2016-17, 2017-18, whereby the Corporate Debtor has allegedly acknowledged its liability, have been denied by the Corporate Debtor. This is a case with peculiar facts. Both the parties dispute the documents filed by the other. The Financial Creditor disputes and denies having entered into any MOU, and the Corporate Debtor denies and disputes having signed or sealed any confirmation of account/balance and describes them as false and forged ones. This Adjudicating Authority is not a forum where we can ask the parties to lead evidence to assess the authenticity of their documents. These are some other facts which have not been revealed by both the parties. If there was any MOU, then where was the need for the Corporate Debtor to reflect the said loan in its Balance Sheets for the later years, and similarly, if the amount was due, why the Financial Creditor did not initiate any action against the Corporate Debtor within 3 years.