The appeal challenges the order dated 13.12.2024 passed by the National Company Law Tribunal, Kolkata Bench (Court-I), in CP No. (IB) 1781/KB/2019, which accepted an application under Section 7 of the IBC filed by Respondent No. 2 and initiated CIRP against Respondent No. 1/CD.
M/s Subh Chintak Commotrade Pvt. Ltd. (now amalgamated with Drolia Agencies Pvt. Ltd./Respondent No. 2) disbursed an inter-corporate loan of Rs. 50,00,000/- to the appellant on 07.11.2009.
The corporate debtor deducted and deposited TDS on the interest amounting to Rs. 4,50,000/- (@ 9% p.a.) on the principal amount of Rs. 50,00,000/- from the assessment year 2010-2011 till assessment year 2015-2016.
The Respondent No. 2 served a notice on the CD on 04.04.2016, which was ignored by the appellant.
The financial statement of 2016-2017 of the corporate debtor/appellant shows a clear acknowledgment of debt.
The appellant claims that the Rs. 50,00,000/- was given as advance money for the supply of fabric and the debt was discharged by the supply of material/goods on 01.04.2016.
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Order passed by the National Company Law…
M/s Subh Chintak Commotrade Pvt. Ltd.…
The appeal challenges the order dated 13.12.2024 passed by the National Company Law Tribunal, Kolkata Bench (Court-I), in CP No. (IB) 1781/KB/2019, which accepted an application under Section 7 of the IBC filed by Respondent No. 2 and initiated CIRP against Respondent No. 1/CD.
M/s Subh Chintak Commotrade Pvt. Ltd. (now amalgamated with Drolia Agencies Pvt. Ltd./Respondent No. 2) disbursed an inter-corporate loan of Rs. 50,00,000/- to the appellant on 07.11.2009.
The corporate debtor deducted and deposited TDS on the interest amounting to Rs. 4,50,000/- (@ 9% p.a.) on the principal amount of Rs. 50,00,000/- from the assessment year 2010-2011 till assessment year 2015-2016.
The Respondent No. 2 served a notice on the CD on 04.04.2016, which was ignored by the appellant.
The financial statement of 2016-2017 of the corporate debtor/appellant shows a clear acknowledgment of debt.
The appellant claims that the Rs. 50,00,000/- was given as advance money for the supply of fabric and the debt was discharged by the supply of material/goods on 01.04.2016.
…Order passed by the National Company Law…
M/s Subh Chintak Commotrade Pvt. Ltd.…