# In the matter of Atma Ram, Suspended Director, Gurdas Agro Pvt. Ltd. & Central Bank of India & Anr.

> NCLAT judgment dated 2024-04-24. Citation: TCN-2024-NCLAT-00483. The case involves Company Appeal (AT) (Insolvency) No. 793 of 2024 and Company Appeal (AT)…

- **Court:** NCLAT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLAT-00483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/atma-ram-suspended-director-gurdas-agro-pvt-ltd-central-bank-of-india-anr-16dd5e5d

## Summary

### Background

The case involves Company Appeal (AT) (Insolvency) No. 793 of 2024 and Company Appeal (AT) (Insolvency) No. 794 of 2024. The appellant, Atma Ram, Suspended Director of Gurdas Agro Pvt. Ltd., is challenging the Adjudicating Authority's decision. The appellant contends that the date of default mentioned in Part IV of the application was 03.08.2020, which falls within the Section 10A period, and that the Adjudicating Authority erred in accepting 30.03.2021 as the date of default as contended by the Financial Creditor.

## Facts

Atma Ram, the Suspended Director of Gurdas Agro Pvt. Ltd., filed appeals against the decision of the Adjudicating Authority. The appellant claims that the date of default, as mentioned in Part IV of the application, was 03.08.2020, which falls within the period specified in Section 10A of the IBC. The appellant argues that the Adjudicating Authority erred by accepting 30.03.2021 as the date of default, as contended by the Financial Creditor. The appellant contends that all payments towards the LC became due during the 10A period and that the application was barred by Section 10A. The Adjudicating Authority rejected the I.A. filed by the Appellant and proceeded to admit Section 7 application. The relevance of the date of default is crucial because Section 10A prohibits

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in accepting 30.03.2021 as the date of default as …

**Ratio:** The ratio is based on the correct determination of the date of default and its impact on

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**Reasoning:** The court acknowledges the appellant's argument that the Adjudicating Authority may have

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**Interpretation:** The interpretation involves understanding the definition of 'date of default'

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**Application:** The court will apply the correct interpretation of 'date of default' to the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Atma…
- **Respondents:** Gurdas Agro Pvt.…; Canara…

## Timeline

- **2024-04-24 — Order Da…**: Learned Counsel for the Appellant submits that the date of default as mentioned in Part…
- **2024-07-16 — Next Hearin…**: Appeal listed for…

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