2019] 209
Also,
it
is
argued
that
an
amount
of
Rs.
132. 51
Lakhs
taken
from
various
lenders^
as
stated
below
has
been
credited
to
the
account
of
Respondent
No.
1.a.
Fullerton
India
Credit
Company
Ltd.:Rs.
28 , 69 , 063 /-b.
Religare
Finvest
Ltd.:
Rs.
22 , 79 , 299 /-c.
HDFC
Bank
Ltd.
(Business
Loan):
Rs.
32 , 05 , 310 /-d.
Kotak
Mahindra
Prime
Ltd.:
Rs.
23 , 59 , 014 /-e.
Kotak
Mahindra
Bank
Ltd.:
Rs.
25 , 37 , 923 /-
Total: Rs.
1 , 32 , 50 , 609 /-
(Rs.
132. 51
Lakhs)Therefore,
the
Applicant
prays
for
recovery
of
Rs.
135
Lakhs
being
pref
erential -
transaction
with
Respondent
No.
1 ,
the
same
needs
to
be
vested
into
the^
Corporate
Debtor.
Further,
recovery
of
amount
of
Rs.
132. 50
Lakhs
being
loan^
taken
by
the
Corporate
Debtor
diverted
into
the
accounts
of
Respondent
No.^
1
needs
to
be
vested
into
the
Corporate
Debtor.It
is
submitted
that
when
on
22. 10. 2015
fire
broke
out
in
the
factory
prem
ises -
of
the
Corporate
Debtor,
the
entire
loss
of
goods/inventory
of
Rs.
1 , 142
lakhs^
and
plant
&
machinery
worth
Rs.
31
Lakhs
was
reported.
The
insurance
policy^
expired
on
05. 10. 2015 ,
and
was
not
renewed
by
the
promoter
directors
of^
the
Corporate
Debtor.
The
inventories
were
not
covered
by
the
insurance
policy.^
Consequently,
there
was
no
insurance
policy
to
cover
the
inventory
which^
is
hypothecated
to
SBI,
the
lenders
have
lost
approx.
Rs.
1 , 141
Lakhs
as^
the
Corporate
Debtor
received
only
Rs.
117
Lakhs
towards
loss
to
building,
plant^
&
machinery,
furniture
&
fixtures,
electrical
fittings
etc.The
Applicant
further
states
that
only
partial
stock
of
raw
material
was
destroyed^
by
fire,
while
the
auditor
without
any
verification
has
relied
on
the
management’s^
information
and
written
on
the
entire
stock/inventory
worth
Rs.
1 , 141
lakhs
as
loss
by
fire,
whilst
the
final
assessed
loss
as
per
the
fire
insurance
survey^
report
is
merely
Rs.
117. 18
lakhs
which
includes
damage
to
building,
plant^
&
machinery,
electrical
goods,
furnitures
&
fixtures
etc.Therefore,
the
Applicant
states
that
due
to
gross
negligence
and
wilful
conspiracy^
of
the
Respondent
No.
1 ,
the
overall
loss
due
to
fire
incident,
caused
to^
the
lenders
being
SBI
is
approx.
Rs.
1 , 141
lakhs
as
claimed
in
the
audited
financial^
statements
ought
to
be
vested
back
to
the
lenders.The
next
contention
of
the
Applicant
is
that
the
Corporate
Debtor
has
shown^
inflated
debtors
and
incorrect
Book
Debts
and
stock
statements
filed
by
the^
Corporate
Debtor.
Mismatch
of
Rs.
490. 93
lakhs
was
noted
between
total
amount^
of
receivables
as
per
audited
balance
sheet
and
as
per
list
of
receiv
ables -
submitted
to
SBI.
Further,
list
of
receivables
as
per
audited
statement
did^
not
match
with
the
list
of
receivables
submitted
for
DP
Limits.
Audited
statement^
contained
132
receivables
while
the
list
submitted
to
SBI
contained
only^
85
receivables.
Total
difference
noted
in
balance
of
these
31
receivables
amounted^
to
Rs.
853. 39
lakhs.Ram Ratan Kanoongo
v.
Sunil Kathuria (NCLT - Mum.)