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NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH COURT NO. 1 ITEM No.3 IA/669(MP)2026 in CP(IB)/74(MP)2025 Proceedings under Section Rule 43 & 131 r.w. Rule 11 IN THE MATTER OF:

Ghanshyam Das And Company ........Applicant V/s Century 21 Malls Pvt Ltd ........Respondent Coram:

Hon’ble Shri Brajendra Mani Tripathi, Member (J)

Hon’ble Shri Man Mohan Gupta Member (T)

PRESENT:

For the Applicant : Mr. Manoj Munshi, Sr. Adv (Online) a.w.

Mr. Mayank Munshi, Adv (Online)

For the Respondent : Ms. Deepika Rathi, Adv (Physical)

ORDER

Delivered on 16/10/2026 IA/669(MP)2026

1. The present Application has been filed by the Applicant under Rules 43 and

131 read with Rule 11 of the National Company Law Tribunal Rules 2016 and Section 424 of the Companies Act 2013 with the following prayers: -

(i) Direct the Applicant/Alleged Financial Creditor, M/s Ghanshyamdas and Company, to produce on record, within such time as this Hon'ble Tribunal may deem appropriate, the audited financial statements, Balance Sheets, Profit and Loss Accounts, ledger accounts, relevant Income-tax Returns, Tax Audit Reports, TDS records, bank Ltd Statements and supporting accounting documents specified in paragraph 13 hereinabove, including the documents referred to and relied upon in the Rejoinder dated 26.09.2026 but not placed on record. (ii) Direct the Applicant to furnish a complete, authenticated and year-wise reconciliation of the alleged principal amount of Rs. 7,50,00,000/-, the interest of Rs. 29,48,66,651/- claimed thereon, and all payments, credits and adjustments, explaining the basis on which the aggregate claim of Rs. 36,98,66,651/- has been arrived at.

(iii) Direct the Applicant to file an affidavit of its authorised partner verifying the completeness and authenticity of the documents so produced and explaining the material accounting discrepancies identified hereinabove.

(iv) Grant the Corporate Debtor reasonable opportunity to inspect the documents so produced and to place on record a supplementary affidavit or additional objections confined to the documents and information produced pursuant to the directions of this Hon'ble Tribunal.

(v) Defer final consideration of admission of the Section 7 Petition until compliance with the directions for production of documents and an opportunity of response to the Corporate Debtor.

(vi) In the event of failure or refusal to produce relevant documents without sufficient cause, consider drawing such adverse inference as may be permissible in law while adjudicating the claim of financial debt and default.

2. Ld. Senior Counsel for the Applicant submits that the present Application has been filed seeking a direction to the Respondent to produce the documents specified in the prayer clause of the Application.

3. It is submitted that the Financial Creditor has filed a petition bearing CP(IB)/33(MP)2026, claiming an amount allegedly due and in default, and seeking initiation of the CIRP against the Applicant under Section 7 of the Insolvency and Bankruptcy Code, 2016.

4. Ld. Senior Counsel for the Applicant contends that the amount claimed in the main petition filed under Section 7 of the IBC does not fall within the definition of “Financial Debt”, as no interest was payable or had ever been paid in respect of the said amount. It is, therefore, submitted that the amount allegedly transferred to the Applicant does not carry the time value of money and, consequently, does not qualify as a financial debt. Ld. Senior Counsel further submits that the documents sought to be produced are necessary to substantiate the contention that the transaction in question did not carry the time value of money and that no interest was payable thereon.

5. Ld. Counsel for the Respondent appears and opposes the Application, submitting that the petition under Section 7 of the IBC has been filed by the Respondent and that the burden of proving the existence of debt and default rests upon the petitioner. It is further submitted that Rule 43