The National Company Law Appellate Tribunal (NCLAT), New Delhi bench comprising Justice Rakesh Kumar Jain, Judicial Member and Naresh Salecha, Technical Member was hearing an appeal on Tuesday and held that Appellants failed to provide credible and reliable evidence to substantiate their claims against the Corporate Debtor.
In the present case, the Appellate Tribunal considered the claims made by the Appellants regarding rice stock belonging to them in the premises of the Corporate Debtor. The Respondents/Liquidator raised concerns about the credibility of the report by the rice expert and pointed out discrepancies in the report. The Tribunal agreed with the Liquidator that the report was not conclusive or authentic and could not be fully relied upon to accept the claims of the Appellants.
The Appellate Tribunal also noted that the Appellants failed to provide supporting evidence such as invoices, tax documentation, financial statements, stock registers, and material receipt notes. These documents are crucial for substantiating their claims against the Corporate Debtor. Furthermore, the Tribunal highlights the contradictory statements made by Mr. Himanshu Miglani, an ex-employee who signed most of the acknowledgements claimed by the Appellants. Additionally, it is mentioned that the CBI (Central Bureau of Investigation) is investigating a case involving the Corporate Debtor and claims of Rs. 1,700 crores by several banks. The stock claimed by the Appellants has not been proven to belong to them.
The Appellate Tribunal dismissed the appeal and upheld the decision of the NCLT because the Appellants failed to provide credible and reliable evidence to substantiate their claims. The Tribunal emphasized that claims must be based on solid documentary evidence and comply with the law, and indirect or circumstantial evidence cannot be accepted. Therefore, without sufficient evidence, the appeal lacked merit and was dismissed.
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