Payments Made by Allottees to Ex-Directors Not Reflected in Records of CD: NCLAT directs RP to Admit Claims of Allottees [Read Order]
Payments – Payments Made by Allottees to Ex-Directors Not Reflected in Records of CD – CD – NCLAT – Taxscan
Payments – Payments Made by Allottees to Ex-Directors Not Reflected in Records of CD – CD – NCLAT – Taxscan
The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) directed the Resolution Professional (RP)to admit the claims of allottees since the payments made by allottees to Ex directors were not reflected in the records of Corporate Debtor (CD).
Arun Kapoor, the appellant is the Resolution Professional (RP) of Monarch Brookefields LLP, challenged the order by which order Adjudicating Authority has allowed the Company Appeal directing the Resolution Professional ‘Monarch Brookefields LLP’ under Liquidation to accept and admit the claim of the applicants.
It was submitted that the plan has already been approved by the CoC and is under consideration before the Adjudicating Authority. At this stage acceptance of the claim of the respondent could not be justified. It is further submitted that respondents have made payment of only Rs. 11,50,000/- by direction has been issued to accept the claim of Rs. 35,12,000/-.
In the application, the respondent was allotted Flat No. 402 by the Corporate Debtor. There are certain issues regarding the payments, as certain payments were made by the allottees to ex-directors which were not reflected in the records of the Corporate Debtor.
The Adjudicating Authority found that the amount of Rs. 40 lakhs which are claimed by RTGS by the allottees was given to another group company, hence, that amount was not acceptable. However, other three payments of Rs. 9,36,000/-, Rs. 11,48,000/- and Rs. 2,40,760/- have been accepted.
The transactions about the three transfers made in favour of the Corporate Debtor dated 17th July 2014 and 25th May 2016 are evidenced by the receipts and Financial Statements attached to the Application and therefore, it was established that the corresponding amounts were indeed transferred by the Applicant to the Corporate Debtor's account.
A two-member bench of Justice Ashok Bhushan, Chairperson and Mr. Barun Mitra, Member (Technical) held the observation of adjudicating authority that “the Respondent's decision to reject the entire claim of the Applicant was erroneous. Though the transfer of Rs. 40 Lakhs to the Corporate Debtor cannot be proved, the transfer of the remaining amounts aggregating to Rs. 23,24,760/- (Twenty-Three Lakhs Twenty-Four Thousand Seven Hundred and sixty only) via the abovementioned modes of payments ought to be considered by the Respondent while examining the claim of the Applicant”, as valid.
While dismissing the appeal, the Tribunal upheld the decision of the National Company Law Tribunal (NCLT).
To Read the full text of the Order CLICK HERE
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