Balance Sheet of the Corporate Debtor reflecting the loan of the applicant, should have been the sufficient ground for acceptance of the claim submitted by the Creditors – Champa Impex Pvt. Ltd. Vs. P.M.Cold Storage Pvt. Ltd. – NCLT Kolkata Bench
The Adjudicating Authority held that the claim of the applicant should have been considered and accepted on merit because as per the latest judgment of Hon’ble Supreme Court of India, the balance sheet of the Corporate Debtor reflecting the loan of the applicant, should have been the sufficient ground for acceptance of the claim submitted by the Applicant. There is no necessity for the Applicant to file any loan agreement in its support, particularly, when the parties were related to each other and had common Directorship in the two companies, and, therefore did not think it necessary to execute such a loan Agreement.