The appeal was filed under Section 61 of the I&B Code, 2016, against the order dated August 12, 2022, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I, Mumbai) in C.P. (IB) No. 1807/MB/2018, which admitted the application filed by the 1st Respondent. The Appellant, being the Suspended Director of the Corporate Debtor, preferred the appeal, arguing that the application filed by the Respondent was barred by limitation.
The case involves an appeal against the admission of a Section 7 application under the I&B Code for initiating CIRP against Topworth Urja and Metals Ltd. The Appellant, Mr. Abhay Narendra Lodha, is the Suspended Director of the Corporate Debtor. The Respondent, Bank of Baroda, filed the application claiming a default of Rs. 218,14,20,222.95. The Corporate Debtor had been granted various credit facilities by the Respondent Bank, which were later restructured through a Master Restructuring Arrangement (MRA) dated March 30, 2015, and a Supplemental Working Capital Consortium Agreement dated 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. The Appellant argued that the application
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The appeal was filed under Section 61 of the I&B Code, 2016, against the order dated August 12, 2022, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I, Mumbai) in C.P. (IB) No. 1807/MB/2018, which admitted the application filed by the 1st Respondent. The Appellant, being the Suspended Director of the Corporate Debtor, preferred the appeal, arguing that the application filed by the Respondent was barred by limitation.
The case involves an appeal against the admission of a Section 7 application under the I&B Code for initiating CIRP against Topworth Urja and Metals Ltd. The Appellant, Mr. Abhay Narendra Lodha, is the Suspended Director of the Corporate Debtor. The Respondent, Bank of Baroda, filed the application claiming a default of Rs. 218,14,20,222.95. The Corporate Debtor had been granted various credit facilities by the Respondent Bank, which were later restructured through a Master Restructuring Arrangement (MRA) dated March 30, 2015, and a Supplemental Working Capital Consortium Agreement dated 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. The Appellant argued that the application
…The account of the…
MRA entered into…