212 SEBI & Corporate Laws - Reports [Vol. 154
Hence,
it
is
stated
that
the
total
overall
loss
to
the
lenders
towards
misuse
of^
bill
discounting
facility
aggregates
to
Rs.
3 , 103. 30
lakhsThe
transactions
with
respect
to
respondent
No.
3
are
stated
below:a.
Review
of
the
Bank
statements
indicate
a
total
Rs.
26. 77
Lakhs
of
out
flows -
and
Rs.
14. 11
Lakhs
of
inflow
to
/from
Sohail
during
the
period
of
1 st^
April,
2012
to
31 st March,
2016.
The
net
outflows
was
Rs.
12. 66
Lakhs
to^
Sohail.
No
justification
is
made
available
for
such
outflow.b.
A
bank
transaction
dated
30 ,
March,
2015
wherein
Rs.
9. 10
Lakhs
was
transferred^
to
Sohail
Kathuria.
Books
of
account
indicate
the
same
as
loan^
given
to
Sohail.
On
review
of
financial
statements,
forensic
auditor
could^
not
establish
any
relationship
of
Corporate
Debtor
with
Sohail
and^
the
purpose
of
extending
the
loan
to
him.
As
can
bee
seen
from
(
iv)
above,^
there
is
already
an
outflow
of
Rs.
12. 66
Lakhs
to
Sohail
without
any^
justification,
the
said
outflow
of
Rs.
9. 10
Lakhs
is
additional.c.
Corporate
Debtor
has
paid
salary
of
Rs.
2. 5
Lakhs
and
Rs.
3. 5
Lakhs
to^
Sohail
in
the
Financial
Years
2012 - 2013
and
2013 - 2014
respectively.
Further,^
Corporate
Debtor
has
also
booked
sales
of
Rs.
47. 89
Lakhs
with
Sohail^
proprietary
firm
Avante
Texworld,
Respondent
No.
8.
Whilst
at
the^
end
of
the
Financial
year,
accounting
journal
entries.Hence,
it
is
stated
that
the
amount
recoverable
from
Respondent
No.
3
is
Rs.^
75. 65
lakhs
[ 12. 66 + 9. 10 + 2. 5 + 3. 5 + 47. 89 ].The
transactions
with
respect
to
respondent
No.
4
(Parent
Company
of
the
Corporate^
Debtor)
is
stated
below:a.
Loan
account
of
Sohail
Synthetics
Private
Limited
was
settled
by
adjusting
it^
against
all
receivable
account
to
the
tune
of
approx.
Rs.
191
Lakhs
(Refer^
tables
2
and
3 )
of
Forensic
audit
report.Hence,
it
is
stated
that
the
amount
recoverable
from
Respondent
No.
4
is
Rs.^
191
lakhs.The
Applicant
further
states
that
there
are
adjustment
entries
with
regards
to^
fictitious
receivables
as
stated
below:a.
Adjustment
entries
were
passed
for
certain
parties
having
a
total
trans
action -
value
of
Rs.
9 , 450
Lakhs.
Detailed
are
annexed
in
the
Petition.b.
There
are
also
indications
of
fictitious
receivables
booked
by
the
Corporate
Debtor.^
Balance
Confirmation
letter
were
posted
by
the
Applicant
to
37
customer^
having
a
receivable
balance
as
on
31. 03. 2017.
Total
receivable
balance^
as
on
31. 03. 2017
for
these
37
customer
was
Rs.
1 , 254. 91
Lakhs.c.
Balance
confirmation
letters
sent
to
certain
8
customers
(details
annexed
in^
the
Petition)
could
not
be
delivered
due
to
reasons
like
insufficient
ad
dress -
available,
change
of
address
by
the
customer,
incorrect
address
etc.
Total^
value
of
receivable
balances
as
on
March
3 ,
2017
was
Rs.
1 , 137. 95
Lakhs.^