Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Shekhar Resorts Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process. The Adjudicating Authority (National Company Law Tribunal), New Delhi, admitted the application. The Director/Shareholder of the Corporate Debtor filed an appeal against the order. The Appellant argued that the Corporate Debtor was not a wilful defaulter, which was allegedly accepted by the Respondent-Bank in its notice dated 19th June, 2016. The Respondent-Bank claimed a total default of Rs.19,67,64,134/-, including interest, out of which the Appellant had paid Rs.15.88 Crores approximately till March, 2018. The Appellant also raised the issue of

Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Shekhar Resorts Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process. The Adjudicating Authority (National Company Law Tribunal), New Delhi, admitted the application. The Director/Shareholder of the Corporate Debtor filed an appeal against the order. The Appellant argued that the Corporate Debtor was not a wilful defaulter, which was allegedly accepted by the Respondent-Bank in its notice dated 19th June, 2016. The Respondent-Bank claimed a total default of Rs.19,67,64,134/-, including interest, out of which the Appellant had paid Rs.15.88 Crores approximately till March, 2018. The Appellant also raised the issue of