# In the matter of Mani Gupta vs. HDFC Bank Ltd. & Anr.

> NCLAT judgment dated 2025-08-04. Citation: TCN-2025-NCLAT-00426. This appeal was filed against the order dated 30.11.2023, by which an application filed by…

- **Court:** NCLAT
- **Order date:** 4 Aug 2025
- **Citation:** TCN-2025-NCLAT-00426
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mani-gupta-vs-hdfc-bank-ltd-anr-2b03b714

## Summary

### Background

This appeal was filed against the order dated 30.11.2023, by which an application filed by HDFC Bank Limited (Financial Creditor) against M/s Mountain Meadow Holidays Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, was admitted.

## Facts

HDFC Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Mountain Meadow Holidays Pvt. Ltd.

The application was admitted by the Tribunal on 30.11.2023, and an Interim Resolution Professional (IRP) was appointed.

The Appellant, Mani Gupta, a suspended director of the Corporate Debtor, filed an appeal against the admission order.

The Corporate Debtor furnished a corporate guarantee for the loan facility availed by M/s Madhuvan Tieup Pvt. Ltd., which is already in CIRP.

The date of default mentioned in the application is 27.12.2019.

The Appellant argued that the application under Section 7 was barred by Section 10A of the Code.

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is barred …

**Ratio:** When default is committed during Section 10A period and subsequent to Section 10A period,

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**Reasoning:** The court relied on the decision in Harish Raghavij Patel Vs. Clearwater Capital Partners

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**Interpretation:** Section 10A suspends the initiation of corporate insolvency resolution process

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**Application:** The court found that the last and final notice was given outside the period of

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## Parties

- **Judges:** Rakesh Kuma…; Mohammad Faiz…; +1 more
- **Appellants:** Mani G…
- **Respondents:** M/s Moutain…; HDFC Bank…
- **Other parties:** HDFC Bank L…; Umesh G…
- **Advocates:** Prakhar M…; Arjun K…

## Timeline

- **2023-11-30 — Order Da…**: The Tribunal admitted the application filed by HDFC Bank Limited under Section 7 of the…
- **2023-12-21 — Court Or…**: The Court noted the Appellant's submission that the Adjudicating Authority passed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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