# In the matter of Omkara Asset Reconstruction Pvt. Ltd. vs. Madhusudan Motors Pvt. Ltd.

> NCLAT judgment dated 2024-08-14. Citation: TCN-2024-NCLAT-00258. The case involves an appeal against an order dated 07.06.2024 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLAT-00258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/omkara-asset-reconstruction-pvt-ltd-vs-madhusudan-motors-pvt-ltd-17f9d87e

## Summary

### Background

The case involves an appeal against an order dated 07.06.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench, Prayagraj) in I.A. No. 121/2024 in C.P. (IB) No. 57/ALD/2023. The Appellant sought amendment and rectification of the date of default from 07.03.2021 to 25.07.2021. The Appellant claims to be an Assignee from the Financial Creditor. The Adjudicating Authority rejected the application to amend the date of default.

## Facts

Omkara Asset Reconstruction Pvt. Ltd. filed an appeal against an order dated 07.06.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench, Prayagraj) in I.A. No. 121/2024 in C.P. (IB) No. 57/ALD/2023. The Appellant sought amendment and rectification of the date of default from 07.03.2021 to 25.07.2021. The Appellant claims to be an Assignee from the Financial Creditor, with the assignment taken on 30.09.2021. The Appellant issued a notice under Section 13(2) of the SARFAESI Act on 21.05.2022 and subsequently filed a Section 7 application. The date of default mentioned in Part-IV of Form-I was 07.03.2021. The application to amend the date was rejected by the Adjudicating Authority. The Appellant argued that the default was continuing

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the Appellant's application to amend the date …

**Ratio:** The question of amendment is a question of facts which differs from case to case. The

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**Reasoning:** The court reasoned that the Adjudicating Authority did not err because the date of

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**Interpretation:** The interpretation is that the Adjudicating Authority has the discretion to

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**Application:** In this case, the date of default was clearly mentioned as 07.03.2021, which is

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Omkara Asset…
- **Respondents:** Madhusudan Motors…

## Timeline

- **2024-06-07 — Order by Adjudicating…**: The Adjudicating Authority passed an…
- **2021-03-07 — Date of D…**: The date of default…

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