This case involves an appeal against an order dated 20.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench), which admitted an application filed by Indusind Bank Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for resolution of a debt. The suspended director of Coffee Day Global Limited (Corporate Debtor) has challenged the order. The dispute centers around the date of default, with the Appellant arguing that the Adjudicating Authority erred in accepting a revised date of default submitted by the Financial Creditor. The Financial Creditor initially mentioned the date of default as 30.04.2020 but later revised it to 28.02.2020 based on a NeSL report. The Corporate Debtor argues that the
…Indusind Bank Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Coffee Day Global Limited (Corporate Debtor) for resolution of debt. The Adjudicating Authority admitted the application on 20.07.2023. The Corporate Debtor challenged the order, arguing that the application is hit by Section 10A of the Code. The Financial Creditor initially stated the date of default as 30.04.2020 in Form I but later revised it to 28.02.2020 based on a NeSL report. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on 30.06.2020. The Financial Creditor issued a demand cum loan recall notice on 07.12.2020. The application under Section 7 of the Code was filed on 08.04.2022. The Corporate Debtor availed
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Corporate Debtor…
Corporate Debtor executed Master General…
This case involves an appeal against an order dated 20.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench), which admitted an application filed by Indusind Bank Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for resolution of a debt. The suspended director of Coffee Day Global Limited (Corporate Debtor) has challenged the order. The dispute centers around the date of default, with the Appellant arguing that the Adjudicating Authority erred in accepting a revised date of default submitted by the Financial Creditor. The Financial Creditor initially mentioned the date of default as 30.04.2020 but later revised it to 28.02.2020 based on a NeSL report. The Corporate Debtor argues that the
…Indusind Bank Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Coffee Day Global Limited (Corporate Debtor) for resolution of debt. The Adjudicating Authority admitted the application on 20.07.2023. The Corporate Debtor challenged the order, arguing that the application is hit by Section 10A of the Code. The Financial Creditor initially stated the date of default as 30.04.2020 in Form I but later revised it to 28.02.2020 based on a NeSL report. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on 30.06.2020. The Financial Creditor issued a demand cum loan recall notice on 07.12.2020. The application under Section 7 of the Code was filed on 08.04.2022. The Corporate Debtor availed
…Corporate Debtor…
Corporate Debtor executed Master General…