# In the matter of Amit Kumar Bansal Vs Axis Bank Limited > NCLAT judgment dated 2024-12-02. Citation: TCN-2024-NCLAT-00051. The case involves a Company Appeal (AT) (Insolvency) No. 2233 of 2024 before the National… - **Court:** NCLAT - **Order date:** 2 Dec 2024 - **Citation:** TCN-2024-NCLAT-00051 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/amit-kumar-bansal-vs-axis-bank-limited-07538c58 ## Summary ### Background The case involves a Company Appeal (AT) (Insolvency) No. 2233 of 2024 before the National Company Law Appellate Tribunal, Principal Bench, New Delhi. The Corporate Debtor was running a school with six units across various locations, serving over 5000 students. Financial assistance was obtained from Financial Creditors, and a cut-back arrangement was in place, reflected in meeting minutes from February and June 2022. Under this arrangement, 20% of the monthly collection was given by the Appellant to the bank for debt servicing. ## Facts The Corporate Debtor, a school with six units and over 5000 students, received financial assistance from Financial Creditors. A cut-back arrangement was established, where 20% of the monthly collection was allocated to debt servicing. The Appellant is to approach the bank for a final settlement of dues, and the 20% cut-back may continue during the proceedings. The IRP is directed to ensure the Corporate Debtor continues as a going concern. ## Issues and analysis ### Issue 1: Whether the Appellant should approach the … **Ratio:** The Appellant's counsel submitted that the Appellant shall approach the Bank for final … **Reasoning:** The court acknowledged the submission of the Appellant's counsel regarding approaching … **Interpretation:** This indicates a willingness from the Appellant to resolve the outstanding dues … **Application:** The Appellant is expected to engage with the bank to negotiate and potentially … ## Parties - **Judges:** Ashok Bh…; Barun M…; +1 more - **Appellants:** Amit Kumar… - **Respondents:** Axis Ban… - **Advocates:** Abhijeet…; Anshula G…; +3 more ## Timeline - **2022-02-28 — Meeting…**: Minutes of meeting reflect cut… - **2022-06-01 — Meeting…**: Minutes of meeting reflect cut… --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/amit-kumar-bansal-vs-axis-bank-limited-07538c58