Debtor has put on record an assessment order dated 31.12.2018 passed by the Income tax department under Section 153A read with 144 of Income Tax Act 1961. It is further submitted that the assessment order has been passed against the Corporate Debtor as the assessee. The assessment order relates to the assessment year 2015-16. It provides that during the period under assessment, the Corporate Debtor had, inter alia, received an unsecured loan of Rs.2,70,00,000/- from Prarthana (the first Financial Creditor herein). The assessment order further provides that the directors of Prarthana during the year under consideration were Mr. Annand Prasad Kejriwal and Ms Jyoti Kejriwal. Mr. Annand Prasad Kejriwal was also a director during the relevant period in Narsingh (the second Financial Creditor herein), Active and Nikita, both of which companies have subsequently merged with Narsingh. Ms. Jyoti Kejriwal was also a director in the aforesaid four companies. By placing reliance on various paragraphs of this assessment order, the Corporate Debtor has alleged that the so-called loans are not genuine as unsecured loans but sham transactions camouflaged as unsecured loans. The Corporate Debtor has placed reliance on various paragraphs of this assessment order which we have taken note of, as part of our analysis and reasoning.
