The appeal was filed under Section 61 of the I&B Code, 2016, against the Adjudicating Authority's order dated August 12, 2022, which admitted the application filed by the 1st Respondent, Bank of Baroda, under C.P. (IB) No. 1807/MB/2018. The Appellant, the Suspended Director of the Corporate Debtor, Topworth Urja and Metals Ltd., argued that the application was barred by limitation, as it was filed more than three years after the date of NPA declaration. The Respondent Bank contended that the application was filed within three years of the first date of default under the Master Restructuring Agreement (MRA) and Supplemental Working Capital Consortium Agreement.
The Corporate Debtor, Topworth Urja and Metals Ltd., received credit facilities from the Respondent Bank, Bank of Baroda, and other consortium lenders. These facilities included term loans, working capital, and cash credits. On March 27, 2015, the facilities were restructured, and a Master Restructuring Arrangement (MRA) was entered into on March 30, 2015. A supplemental working capital consortium agreement followed on May 14, 2015. The Respondent Bank issued a recall notice on February 1, 2016, revoking the MRA and demanding payment of Rs. 174.61 crores as of December 31, 2015. The Respondent Bank declared the Corporate Debtor's account as NPA on March 27, 2015. The Respondent Bank filed a Section 7 application on May 17, 2018, seeking initiation of CIRP. The
…Sign in to view the parties.
The facilities granted…
MRA entered into between the Respondent and…
The appeal was filed under Section 61 of the I&B Code, 2016, against the Adjudicating Authority's order dated August 12, 2022, which admitted the application filed by the 1st Respondent, Bank of Baroda, under C.P. (IB) No. 1807/MB/2018. The Appellant, the Suspended Director of the Corporate Debtor, Topworth Urja and Metals Ltd., argued that the application was barred by limitation, as it was filed more than three years after the date of NPA declaration. The Respondent Bank contended that the application was filed within three years of the first date of default under the Master Restructuring Agreement (MRA) and Supplemental Working Capital Consortium Agreement.
The Corporate Debtor, Topworth Urja and Metals Ltd., received credit facilities from the Respondent Bank, Bank of Baroda, and other consortium lenders. These facilities included term loans, working capital, and cash credits. On March 27, 2015, the facilities were restructured, and a Master Restructuring Arrangement (MRA) was entered into on March 30, 2015. A supplemental working capital consortium agreement followed on May 14, 2015. The Respondent Bank issued a recall notice on February 1, 2016, revoking the MRA and demanding payment of Rs. 174.61 crores as of December 31, 2015. The Respondent Bank declared the Corporate Debtor's account as NPA on March 27, 2015. The Respondent Bank filed a Section 7 application on May 17, 2018, seeking initiation of CIRP. The
…The facilities granted…
MRA entered into between the Respondent and…