The appeal was filed against the order dated 21.03.2022 passed by the National Company Law Tribunal (NCLT), Division Bench-I, Chennai, which admitted an application filed by the Respondent/Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant argued that the NCLT did not consider factual and legal positions, that the Appellant had obtained credit facilities from the Respondent Bank, and that the Respondent had initiated proceedings under Section 7 of the IBC while other proceedings were pending.
Mr. Amar Vora, the Appellant, filed an appeal against an order passed by the National Company Law Tribunal (NCLT), Chennai, which admitted an application filed by City Union Bank Ltd., the Respondent/Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant had obtained three credit facilities from the Respondent Bank for Rs. 5,20,00,000/- by offering property as collateral. The Respondent Bank initiated proceedings under Section 7 of the IBC, alleging certain defaults. The Appellant argued that the Respondent Bank had earlier issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, for a default of Rs. 14,14,61,066/- and that an application was pending before the DRT Madurai for recovery of debts. The Appellant
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The appeal was filed against the order dated 21.03.2022 passed by the National Company Law Tribunal (NCLT), Division Bench-I, Chennai, which admitted an application filed by the Respondent/Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant argued that the NCLT did not consider factual and legal positions, that the Appellant had obtained credit facilities from the Respondent Bank, and that the Respondent had initiated proceedings under Section 7 of the IBC while other proceedings were pending.
Mr. Amar Vora, the Appellant, filed an appeal against an order passed by the National Company Law Tribunal (NCLT), Chennai, which admitted an application filed by City Union Bank Ltd., the Respondent/Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Appellant had obtained three credit facilities from the Respondent Bank for Rs. 5,20,00,000/- by offering property as collateral. The Respondent Bank initiated proceedings under Section 7 of the IBC, alleging certain defaults. The Appellant argued that the Respondent Bank had earlier issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, for a default of Rs. 14,14,61,066/- and that an application was pending before the DRT Madurai for recovery of debts. The Appellant
…Order passed by National Company Law…
Demand notice issued to the Appellant under…
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