The appeal was filed by a Suspended Director of the Corporate Debtor challenging the order dated 15.08.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Cuttack Bench, which allowed the Financial Creditor's application to amend the date of default in Part IV of Form A of Section 7 application.
M/s Balasore Alloys Limited (Corporate Debtor) executed a Deed of Indemnity and Guarantee for Inter Corporate Deposit (ICD) on 14.12.2015.
The Financial Creditor granted a Short-Term Inter Corporate Deposit of Rs.10 Crore for 15 days @15% per annum interest.
The Corporate Debtor acknowledged the receipt of Inter Corporate Deposit of Rs.10 Crore having a maturity period of 15 days only with interest calculated @ 15% per annum by letter dated 14.12.2015.
The Corporate Debtor did not pay the amount of Rs.10,05,54,795/- on expiry of 15 days as contemplated in the Deed of Indemnity and Guarantee.
The Corporate Debtor issued post-dated cheques, which were later not honored.
The Financial Creditor filed IA(IB) No.107/CB/2024 seeking amendment of date of default in Part IV.
…Sign in to view the parties.
M/s Balasore Alloys Limited executed a Deed…
Financial Creditor granted a Short-Term Inter…
The appeal was filed by a Suspended Director of the Corporate Debtor challenging the order dated 15.08.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Cuttack Bench, which allowed the Financial Creditor's application to amend the date of default in Part IV of Form A of Section 7 application.
M/s Balasore Alloys Limited (Corporate Debtor) executed a Deed of Indemnity and Guarantee for Inter Corporate Deposit (ICD) on 14.12.2015.
The Financial Creditor granted a Short-Term Inter Corporate Deposit of Rs.10 Crore for 15 days @15% per annum interest.
The Corporate Debtor acknowledged the receipt of Inter Corporate Deposit of Rs.10 Crore having a maturity period of 15 days only with interest calculated @ 15% per annum by letter dated 14.12.2015.
The Corporate Debtor did not pay the amount of Rs.10,05,54,795/- on expiry of 15 days as contemplated in the Deed of Indemnity and Guarantee.
The Corporate Debtor issued post-dated cheques, which were later not honored.
The Financial Creditor filed IA(IB) No.107/CB/2024 seeking amendment of date of default in Part IV.
…M/s Balasore Alloys Limited executed a Deed…
Financial Creditor granted a Short-Term Inter…