Page 535 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT Hyderabad Bench

Carried over from 31/03/2015 Rs 75,03,462.00

Added during 2015-16 Rs 16,44,402.00

Less any repayments during 2015-16 Rs Nil

Owed to Petitioner as on 31/03/2016 is Rs 91,47,864.00

e) The Petitioner, therefore, contends that while the Audited Financial Statement of the Company as on
31/03/2015 correctly reflect the amounts owed on the Petitioner, the Audited Financial Statements as on

31.03.2016, are mischievously and wrongly conceived as Rs 79,36,737.11. The difference of Rs
12,11,127.00 remains un-explainable.

f) The petitioner contends that several other related transactions were incorrectly and mischievously

shown as loans given/ re-paid against several names, including those of Ms Kalyana Hyma and Dr B V S
Lakshmi. None of these disclosures are genuine. All of these are fabricated statements in order to show
that the Petitioner was paid all her dues. So the petitioner wants the Company put to strict proof of

establishment of re-payments of loans to her during the FY 2015-16.

g) As the Company did not pay the dues as mentioned above, she got issued a statutory notice dated 7th
September, 2016 to the Respondent Company, under Section 434 of the Companies Act, 1956

corresponding to Section 271(2) of the Companies Act, 2013 demanding it to repay the entire amount of
Rs 91, 47,864.00 with Interest 18% per annum failing which, it was warned that appropriate proceedings
for winding up would be initiated.

h) In pursuant to the above legal notice, the Respondent Company got issued a reply dated 26th
September, 2016 through their counsels Sri. AV Raghuram that the Accounts of petitioner as on
31.05.2015 was history and, it has been repaid and or adjusted as desired by the Petitioner, and the

Petitioner ceased to be a creditor of the Company and thus denied any dues to the Petitioner much less
interest.

i) Since the petitioner could not get any repayment of her dues, even after the said legal notice, the

Petitioner has approached the Hon'ble High Court for the State of Telangana and AP by filing Company
Petition bearing C.P. No. 408 of 2016, under section 433(e) & (f) R/w Sections 434(1)(a) & 439 of the
companies Act, 1956 by seeking the following reliefs:

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