2019] 211
21. 2
Transactions
with
Respondent
No.
6 :
a.
The
Applicant
states
that
the
Corporate
Debtor
also
received
loans
of^
approx.
Rs.
155. 88
Lakhs
from
Balaji.
Out
of
the
total
loans
re
ceived, -
only
traced
in
the
Bank
statements
remaining
Rs.
155. 23
Lakhs^
were
adjustment
(JV)
passed
in
the
books
of
account
(Loan
account^
of
Balaji
was
credit
and
ledger
accounts
of
Anil
Kathuria,
Neeta^
Kathuria,
Sales/purchases
ledgers
of
Siddhivinayak
and
Balaji
were^
debited),b.
Loans
were
repaid
by
Corporate
Debtor
to
amounting
to
Rs.
155. 88
lakhs.^
Out
of
the
total
loans
repaid,
only
Rs.
0. 04
Lakhs
was
actual
outflow^
of
money
which
could
be
traced
in
the
bank
statements,
remaining^
Rs.
155. 84
Lakhs
were
shown
as
repaid
by
passing
ad
justments -
entries.
(Loan
account
of
Balaji
was
debited
and
ledger
accounts^
of
Anil
Kathuria,
Neeta
Kathuria
and
Balaji
were
credited).Hence,
the
total
amount
recoverable
from
Respondent
No.
5
is
Rs.
985. 14
lakhs^
[ 934. 14
lakhs
+
51
lakhs];
and
the
total
amount
recoverable
from
Re
spondent -
No.
6
is
Rs.
459. 26
lakhs
[
Rs.
350. 26
lakhs
+
Rs.
109
lakhs].The
Applicant
further
submits
that
fictitious
sales
have
been
noticed
to
third
party^
Konark
Synthetics
Ltd.
(“Konark”)
for
obtaining
inflated
bill
discounting
facility^
from
SBI.
It
is
seen
in
the
forensic
audit
report
that
the
Corporate
Debtor
has^
also
availed
bill
discounting
facility
with
SBI
Global
factor
for
one
of
its
customer^
Konark
Synthetics
Limited
(Konark).
Total
limit
sanctioned
by
SBI
Global^
was
of
Rs.
422
Lakhs
towards
bill
discounting
facility.
Review
of
Bank
transactions^
around
amount
credited
by
SBI
Global
for
the
bill
discounting
of^
sales
to
Konark
indicated
below;a.
Since
2012 ,
approx.
Rs.
3 , 103. 30
Lakhs
was
credited
by
SBI
Global
factor
in^
the
Bank
of
the
Corporate
Debtor.b.
Of
which
approx.
Rs.
592. 55
Lakhs
(were
transferred)
by
Corporate
Debtor
to^
its
related
parties
(Respondent
No.
5
(Rs. 392. 61
Lakhs),
Respondent
No.^
6
(Rs. 94. 84
Lakhs),
Respondent
No.
1
(Rs. 52
Lakhs)
and
Respondent
No. 4
(Rs. 53. 10
Lakhs)
from
the
amount
credited
by
SBI
Global
Factor.c.
It
is
also
worthwhile
to
note
that
all
the
sales
made
to
Konark
were
returned^
to
the
Corporate
Debtor
as
sales
returns.
In
fact
the
last
trans
action -
with
Konark
is
reported
on
24. 03. 2015 ,
while
the
sales
return
is
booked^
on
01. 06. 2015.
Though
the
entire
sales
of
Rs.
427. 03
Lakhs
were
returned,^
the
Corporate
Debtor
continued
book
sales
to
Konark.
Such
an^
act
is
clearly
to
defraud
the
creditor
i.e.
SBI
Global
Factor.d.
The
Applicant
also
states
that
Konark
is
located
on
the
2 nd
Floor
of
the
same^
commercial
structure
as
that
of
the
Corporate
Debtor.
Though
Konark^
is
an
unrelated
party,
the
possibility
of
collusion
cannot
be
ignored.e.
Based
on
the
finding
of
the
Forensic
Auditor,
the
amounts
received
from
SBI^
Global
have
also
been
siphoned
off
to
other
related
parties.Ram Ratan Kanoongo
v.
Sunil Kathuria (NCLT - Mum.)