The case involves an appeal against an order dated July 6, 2020, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench - IV, which admitted an application filed by Syndicate Bank (now amalgamated with Canara Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Bothra Metal and Alloys Ltd, the Corporate Debtor. The Appellant, Kishanlal Likhmichand Bothra, the erstwhile Director of the Corporate Debtor, filed the appeal, arguing that the application was time-barred under Article 137 of the Limitation Act, 1963, as it was filed more than three years after the date of NPA.
Kishanlal Likhmichand Bothra, the erstwhile Director of Bothra Metal and Alloys Ltd, filed an appeal against the order of the Adjudicating Authority (NCLT), Mumbai Bench - IV. Syndicate Bank (now amalgamated with Canara Bank) had filed an application under Section 7 of the IBC against Bothra Metal and Alloys Ltd, claiming a debt of Rs. 61,47,52,521.59/-. The Appellant argued that the application was time-barred as the date of NPA was December 3, 2015, and the application was filed on July 4, 2019, exceeding the three-year limitation period under Article 137 of the Limitation Act, 1963. The Corporate Debtor had submitted various OTS plans to the Financial Creditor. The Corporate Debtor accepted that the principal amount due and in default reflecting in their accounts
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The Adjudicating Authority (NCLT), Mumbai…
The NCLAT heard the appeal filed by Kishanlal…
The case involves an appeal against an order dated July 6, 2020, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench - IV, which admitted an application filed by Syndicate Bank (now amalgamated with Canara Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Bothra Metal and Alloys Ltd, the Corporate Debtor. The Appellant, Kishanlal Likhmichand Bothra, the erstwhile Director of the Corporate Debtor, filed the appeal, arguing that the application was time-barred under Article 137 of the Limitation Act, 1963, as it was filed more than three years after the date of NPA.
Kishanlal Likhmichand Bothra, the erstwhile Director of Bothra Metal and Alloys Ltd, filed an appeal against the order of the Adjudicating Authority (NCLT), Mumbai Bench - IV. Syndicate Bank (now amalgamated with Canara Bank) had filed an application under Section 7 of the IBC against Bothra Metal and Alloys Ltd, claiming a debt of Rs. 61,47,52,521.59/-. The Appellant argued that the application was time-barred as the date of NPA was December 3, 2015, and the application was filed on July 4, 2019, exceeding the three-year limitation period under Article 137 of the Limitation Act, 1963. The Corporate Debtor had submitted various OTS plans to the Financial Creditor. The Corporate Debtor accepted that the principal amount due and in default reflecting in their accounts
…The Adjudicating Authority (NCLT), Mumbai…
The NCLAT heard the appeal filed by Kishanlal…