# In the matter of Abhijit Sinha Vs. Asset Reconstruction Company (India)Ltd., Company Appeal(AT)(Insolvency)No.1086 of 2022

> NCLAT judgment dated 2022-09-15. Citation: TCN-2022-NCLAT-00214. This is an appeal against the order dated 14th July, 2022, passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 15 Sept 2022
- **Citation:** TCN-2022-NCLAT-00214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/abhijit-sinha-vs-asset-reconstruction-company-3c19404c

## Summary

### Background

This is an appeal against the order dated 14th July, 2022, passed by the National Company Law Tribunal, Kolkata Bench, Kolkata. The appellant challenges the order, arguing that under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, Regulation 2-A, they were not required to file necessary documents to prove the evidence of default at the time of application filing in 2019, as Regulation 2-A was not yet in effect. They also contend that the admission of Rs. 2 Crores was only with regard to the amount and does not imply liability of the Corporate Debtor.

## Facts

The Appellant filed an appeal against the order dated 14th July, 2022, passed by the National Company Law Tribunal, Kolkata Bench, Kolkata. The appellant argued that they were not required to file necessary documents to prove the evidence of default under Regulation 2-A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, because the application was filed in 2019 before the regulation came into effect. The appellant also contended that the admission of Rs. 2 Crores was only with regard to the amount and does not imply liability of the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on payments exceeding Rs. 2 Crores, but the Appellant argued that there was no

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## Issues and analysis

### Issue 1: Whether the Appellant was required to file necessary documents to prove the evidence of default …

**Ratio:** Regulation 2-A, which requires the filing of evidence of default by the financial

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**Reasoning:** The court reasoned that the said Regulation cannot come to the help of the Appellant in

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**Interpretation:** Regulation 2-A is interpreted to apply prospectively from its notification

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**Application:** Since the application was filed in 2019, before Regulation 2-A came into

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Abhijit…
- **Respondents:** Asset Reconstructi…

## Timeline

- **2022-07-14 — Order by NCLT…**: Order passed by the National Company Law Tribunal, Kolkata Bench, Kolkata, against which…
- **2022-09-15 — Hearing of…**: Learned Counsel for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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