NCLT imposes cost of Rs. 1 lakh on Operational Creditor to be deposited in PM Relief Fund – Va Realcon Pvt. Ltd. Vs. Avail Holding Ltd. – NCLT New Delhi Bench Court-II
August 23, 2022
The Adjudicating Authority observed that both the Sales Bill as well as the Contract Note placed on record by the applicant neither contain the CIN number of the Applicant Company, which is a mandatory requirement as per Section 12(3)(c) of the Companies Act 2013, nor bear the acknowledgement of the Respondent/ Corporate Debtor, which coupled with absence of any valid Share Transfer Deed and DMAT Account raises doubts about the veracity of the alleged transaction. Hence, basing on the material available on record, the Applicant has not been able to establish or prove the existence of unpaid debt and default by the Corporate Debtor beyond doubt. Therefore, in our considered view, no ground is made out for initiation of CIRP against the Corporate Debtor. In view of the above, the Application is Dismissed with the cost of Rs 1 (one) Lakh to be deposited in the Prime Minister's Relief Fund within 3 weeks of this order.
