The initial onus lies on the Financial Creditor to establish that there is a debt and it shall be proved by submitting the “ROD” issued by NESL and in the absence of which by relying on the documents available with them for initiation of CIRP – Reliance Commercial Finance Ltd. Vs. SKIL Shipyard Holdings Pvt. Ltd. – NCLT Mumbai Bench
The Adjudicating Authority held that it is well settled that the initial onus lies on the Financial Creditor to establish that there is a debt and it shall be proved by the Financial Creditor by submitting the “ROD” issued by NESL and in the absence of which by relying on the documents available with them for initiation of CIRP. Further, the Section 215 governs submission of financial information to an “information utility”. This record of information is a conclusive proof about the occurrence of a default. In the present matter, the Financial Creditor has not produced any Record of Default in the form of NESL Report, to corroborate the status of the loans and default in the present case.
