Raj Tomar vs Punjab National Bank

NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Comp. App. (AT) (Ins) No. 1105 of 2025 & I.A. No. 4320 of 2025 IN THE MATTER OF: Raj Tomar Personal Guarantor of Bela Creations Pvt. Ltd. ...Appellant

Versus Punjab National Bank & Anr. ...Respondents

Present: For Appellant : Mr. Anant Jain, Mr. Aditya Gauri, Mr. Amar V., Ms. Damini S and Mr. Aryan Chabra, Advocates.

For Respondents : Mr. Hans Raj Bhogra, RP in Person. ORDER

(Hybrid Mode)

22.09.2025 Heard Ld. Counsel for the Appellant and Resolution

Professional (RP) appearing in person.

2. Notice was issued to the Financial Creditor on 29.07.2025. Notice

has been served on the Financial Creditor but no one has appeared today.

3. This appeal has been filed against the order passed by the

Adjudicating Authority dated 30.06.2025 in I.A. No. 4246 of 2024. The

appellant has filed Section 94 application before the NCLT, New Delhi, Court-

III seeking initiation of the CIRP against the Personal Guarantor, in the said

proceedings the RP was appointed and RP submitted his report under Section

99 of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority

after considering the report of the RP has dismissed the application. The

reasons for dismissing the application by the Adjudicating Authority are

contained in para 12 of the order which are as follows:

"We are of the considered view that the Applicant has filed the present Application claiming inability to repay dues, however it is brought to the notice of this Adjudicating Authority by the Financial Creditor/Punjab National Bank that the Applicant earns a substantial monthly salary of Rs. 11.1 lakhs and possesses several assets, undermining his claim of financial incapacity. Furthermore, the Bank has already recovered Rs. 1.35 crores through SARFAESI proceedings, yet Rs. 3.99 crores remain outstanding, and allowing this application would unjustly hinder the Bank's effort to recover the legitimate dues. Therefore, the said fact coupled with the fact that the Applicant never appeared before the Hon'ble DRT, is enough to suggest that the instant application is filed just to enjoy and take benefits of the statutory moratorium period and to stall the recovery proceedings under SARFAESI Act, 2002 and to enjoy the period of interim moratorium as contemplated under Section 96 of the Code. Therefore, we are inclined to dismiss the present Application."

4. Ld. Counsel for the Appellant submits that Adjudicating Authority

has wrongly noticed the salary of the Appellant as Rs. 11.1 lakhs monthly

whereas in the report of the RP as well as in the Income Tax Assessment the

said was mentioned as annual emoluments of the Appellant. He submits that

the very basis of the finding of the Adjudicating Authority that Appellant has

substantial amount to discharge its liabilities is incorrect. Ld. Counsel for the

Appellant has referred to the RP's report which is filed as Annexure at page 76

of the Appeal Paper Book which mentions the Annual income in the preceding

Financial Year is Rs. 11,10,430.

2 of 4

5. Ld. Counsel for the Appellant has also referred to the (Income Tax

Return Acknowledgment) for the Assessment Year 2022-23 where total

income has been mentioned as Rs. 11,10,430/- which Income Tax Return

Acknowledgment has been brought on record which is as follows.

Acknowledgment Number: 72801070310722 Date of filing: 31-07-2022

INDIAN INCOME TAX RETURN ACKNOWLEDGEMENT Assessment Year [Where the data of the Return of Income I Form ITR-1 2022-23 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-6, ITR-7 filed and verified] (Please see Rule 12 of the Income tax Rules, 1962)

PAN ADFPT7161H Name Raj Tomar Address B-56, IIIrd Floor, East Jyoti Nagar, Sahadra, Delhi, 09-Delhi, 91-India, 110093 Status Individual From Number ITR-3 Filed 139(1) Return filed on e-Filing 372801070310722 u/s or before due date Acknowledgment Number Current Year business loss, if any 1 Total Income 11,10,430 Taxable Income and Tax

Book Profit under MAT, where applicable 2 0 Adjusted Total Income under AMT, where 3 11,10,430 applicable details

Net tax payable 4 1,51,454 Interest and Fee Payable 5 6,859 Total tax, interest and Fee payable 6 1,58,313

Taxes paid 7 1,58,317 (+) Tax Payable/(-) Refundable (6-7) 8 0 Accreted Income as per section 115 TD 9 0 Accreted Income &

Additional Tax payable u/s 115 TD 10 0 Tax Detail

Interest payable u/s TE 11 0 Additional Tax and interest payable 12 0 Tax and interest paid 13 0 (+) Tax Payable/(-) Refundable(12-13) 14 0 Income Tax Return submitted electronically on 31.07.2022 18:25:20 from IP address 223.233.77.216 and verified by Raj Tomar having PAN ADFPT7161H on 01.08.2022 using XGFT4PJDQI generated through Aadhar OTP mode

3 of 4

6. Income Tax Return Acknowledgement clearly mentions that the

total Income Tax is Rs. 11,10,430. It is thus, clearly proved that the income

which has been treated as monthly income by the Adjudicating Authority is

actually total annual income of the Appellant. It is further noticed that the

Bank has already recovered Rs. 1.35 crores and Rs. 3.99 crores are still

outstanding.

7. Be as it may. The very basis of the order that the Appellant has

monthly income Rs. 11.1 lakhs being unfounded, we are of the view that the

Adjudicating Authority need to consider the application afresh. In view of the

aforesaid, order dated 30.06.2025 is set aside. Section 94 application along

with the report submitted by RP in I.A. No. 4246 of 2024 is revived before the

Adjudicating Authority for afresh consideration.

8. We make it clear that we have not expressed any opinion on the

merits of the application. It is for the Adjudicating Authority to consider the

same afresh on the basis of the materials on the record.

The Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

Abhishek/nn

4 of 4