The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 24.03.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, Court-II, which admitted an application filed under Section 7 of the Code by Karnataka Bank Ltd, the financial creditor. The financial creditor claimed a default of Rs. 15,81,63,867/-. The NCLT initiated the Corporate Insolvency Resolution Process (CIRP). The appellant, the Suspended Director of the corporate debtor, appealed the NCLT's decision.
Karnataka Bank Ltd., the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the NCLT, claiming a default of Rs. 15,81,63,867/-. The NCLT admitted the application and initiated CIRP. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 01.05.2019 due to irregular account activity. The total disbursed amount to the corporate debtor was Rs. 17,45,00,000/-. The appellant, the Suspended Director of the corporate debtor, appealed the NCLT's order. The appellant claimed that approximately 28% of the total debt had been paid. The appellant also stated that Rs. 4,42,00,000/- had already been paid in proceedings before the DRT, but this fact was not reflected in the NCLT order. The loan was
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The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 24.03.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, Court-II, which admitted an application filed under Section 7 of the Code by Karnataka Bank Ltd, the financial creditor. The financial creditor claimed a default of Rs. 15,81,63,867/-. The NCLT initiated the Corporate Insolvency Resolution Process (CIRP). The appellant, the Suspended Director of the corporate debtor, appealed the NCLT's decision.
Karnataka Bank Ltd., the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the NCLT, claiming a default of Rs. 15,81,63,867/-. The NCLT admitted the application and initiated CIRP. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 01.05.2019 due to irregular account activity. The total disbursed amount to the corporate debtor was Rs. 17,45,00,000/-. The appellant, the Suspended Director of the corporate debtor, appealed the NCLT's order. The appellant claimed that approximately 28% of the total debt had been paid. The appellant also stated that Rs. 4,42,00,000/- had already been paid in proceedings before the DRT, but this fact was not reflected in the NCLT order. The loan was
…Loan was sanctioned to…
Loan facility c…