A finance company (A) claims to have given a Loan to a pvt. Ltd. Company . (B)
Given below are the points of arguments given by both the Companies .
Arguments given by Company "A"
Loan was given on date xx/xx/xxxx to the Mg. Director of the Company B for AMount Rs. zzzzzz by way of Demand Draft in CIty GGGG
Arguments given by Comapny "B"
The Mg. Director of Company B was not in city GGGG as per Govt records and testimonies of Govt. Officials.
THere is No Loan Agreement between Comapny A and B
There is No Loan Application by Company B
THere is No Approval or Sanction of Loan by Company B
There is No mention of Interest whatsoever.
The Mg. Director of Company claims that another Director of B Company (C) deposited the deamand draft by the name of Father of "C" as unsecured loan in Company B and that Company B has never even applied for any Loan in Company A.
This fact was substantiate by the testimony of the accountant of Company B.
It was later found that Father of C is the promoter Director of Company A.
I wud welcome any suggestions in the above mentioned case scenario.
Thanks
