This case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Kavveri Telecom Infrastructure Limited. The appellant, a shareholder of the Corporate Debtor, challenged the order, arguing that the application was barred by limitation.
Kavveri Telecom Infrastructure Limited (Corporate Debtor) defaulted in paying its debt to Dena Bank (Financial Creditor) on September 30, 2013. Dena Bank classified the debt as a Non-Performing Asset (NPA) on December 31, 2013. Dena Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kavveri Telecom Infrastructure Limited. The Adjudicating Authority admitted the application. A shareholder of Kavveri Telecom Infrastructure Limited appealed the decision, arguing the application was time-barred. Dena Bank argued that the Corporate Debtor acknowledged its liability, extending the limitation period. The Corporate Debtor had deposited interest in March 2014 and sought debt
…Sign in to view the parties.
Kavveri Telecom…
Dena Bank classified…
Sign in to view related legal provisions.
This case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Kavveri Telecom Infrastructure Limited. The appellant, a shareholder of the Corporate Debtor, challenged the order, arguing that the application was barred by limitation.
Kavveri Telecom Infrastructure Limited (Corporate Debtor) defaulted in paying its debt to Dena Bank (Financial Creditor) on September 30, 2013. Dena Bank classified the debt as a Non-Performing Asset (NPA) on December 31, 2013. Dena Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kavveri Telecom Infrastructure Limited. The Adjudicating Authority admitted the application. A shareholder of Kavveri Telecom Infrastructure Limited appealed the decision, arguing the application was time-barred. Dena Bank argued that the Corporate Debtor acknowledged its liability, extending the limitation period. The Corporate Debtor had deposited interest in March 2014 and sought debt
…Kavveri Telecom…
Dena Bank classified…
Sign in to view related legal provisions.