The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Atlas Gold Townships (India) Pvt. Ltd. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by South Indian Bank Ltd., the Financial Creditor. The Appellant/Promoter challenged the initiation of CIRP on the grounds that the application under Section 7 was barred by limitation and that there was no record of default enclosed in terms of Section 7(3)(b). The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on December 31, 2015, and the Section 7 application was filed on April 10, 2019.
South Indian Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Atlas Gold Townships (India) Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), Kochi Bench, Kochi, admitted the application and initiated CIRP. M M Ramachandran, the Appellant/Promoter, challenged this decision, arguing that the application was barred by limitation and lacked evidence of default. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on December 31, 2015, and the Section 7 application was filed on April 10, 2019. The Respondent Bank relied on an email and letter from May 2016 to support that the Appellant acknowledged the dues as of May 30,
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The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Atlas Gold Townships (India) Pvt. Ltd. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by South Indian Bank Ltd., the Financial Creditor. The Appellant/Promoter challenged the initiation of CIRP on the grounds that the application under Section 7 was barred by limitation and that there was no record of default enclosed in terms of Section 7(3)(b). The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on December 31, 2015, and the Section 7 application was filed on April 10, 2019.
South Indian Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Atlas Gold Townships (India) Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), Kochi Bench, Kochi, admitted the application and initiated CIRP. M M Ramachandran, the Appellant/Promoter, challenged this decision, arguing that the application was barred by limitation and lacked evidence of default. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on December 31, 2015, and the Section 7 application was filed on April 10, 2019. The Respondent Bank relied on an email and letter from May 2016 to support that the Appellant acknowledged the dues as of May 30,
…The account of the…
Appellant sent an email…