IN RE Vs. VANDANA UDHYOG LTD (VUL)

JUDGEMENT

(1.) Ma 534/2017& 535/2017 in CP 1045/I&BP/NCLT/MB/MAH/2017

(2.) For this long term borrowing of Rs. 95,42,36,938/- showing against the name of each of the unsecured creditors as on 20.5.2017 is shown as Rs. 82.96 crores as on 31.3.2016, this figure of Rs. 82.96 crores showing in the Balance Sheet of 31.3.2016 is same as the unsecured loan part showing as provided by promoters and associated companies in Column No.25 of this BIFR application. Since this unsecured loan shown as come from the promoters and associates in the BIFR application has not been tallying with any other credit facility in the balance sheet consecutively filed by this Corporate Debtor company, except with the long term borrowing from the unsecured creditors, prima facie it is to be conceived that long term borrowing shown in the BIFR Application and the Balance Sheets of the Company as one and the same for all the years ever since it has come into the company, therefore the names of the entities against whom this borrowing shown in the provisional balance sheet as on 20.5.2017 shall be none other than the entities shown as promoters and associates of the corporate debtor.

(3.) One of the major secured Financial Creditors had already filed MA 485/2017 assailing the decision of the same Insolvency Resolution professional saying that the present applicants are related parties whereby they should not be included as members in the Committee of Creditors, basing on which, this Bench passed order on 20.10.2017, directing this Interim Insolvency Resolution professional to decide as to whether these applicants falling within the definition of related parties as envisaged under Section 5 of sub-section 24 of the IB Code or not.