# In the matter of Mr. Aashish Kadam & Anr. Vs. Nagpur Nagarik Sahakari Bank Ltd. & Anr.  Comp. App. (AT) (Ins.) No. 355 of 2022

> NCLAT judgment dated 2022-04-21. Citation: TCN-2022-NCLAT-00523. This is an appeal against the order dated 15.03.2022 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 21 Apr 2022
- **Citation:** TCN-2022-NCLAT-00523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mr-aashish-kadam-anr-vs-nagpur-nagarik-sahakari-bank-ltd-anr-comp-app-dca8d920

## Summary

### Background

This is an appeal against the order dated 15.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, in C.P No.73/(IB)-MB-V/2021, which admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by the Financial Creditor, Nagpur Nagarik Sahakari Bank Ltd.

## Facts

Nagpur Nagarik Sahakari Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Mr. Aashish Kadam. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application. Mr. Aashish Kadam appealed against this order. The Appellant's counsel argued that the document extending the Secured Cash Credit Facility to the Corporate Debtor was unstamped. The Appellant initially expressed willingness to pay Rs.7,66,00,000/-, but later stated inability to make the payment. The Adjudicating Authority admitted the application under Section 7 based on a mortgage by deposit of title deed and other materials proving the financial debt.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting the application under Section 7 of the …

**Ratio:** The presence of a mortgage by deposit of title deed and other materials on record proving

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**Reasoning:** The court perused the impugned order and found that the Adjudicating Authority had

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**Interpretation:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows for the initiation

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**Application:** In this case, even if the document extending the Secured Cash Credit Facility

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +1 more
- **Appellants:** Aashish…
- **Respondents:** Nagpur Nagarik…

## Timeline

- **2022-03-15 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, passed an order…
- **2022-04-01 — Appeal Ta…**: The appeal was taken up, and the Appellant's counsel stated a willingness to make 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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