This is an appeal against the order dated 04.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench), which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the Respondent/Bank of India (Financial Creditor). The corporate debtor's account was declared NPA on 30.09.2017. This is the second round of litigation, with a previous order dated 14.11.2022 setting aside the admission order dated 05.03.2020 and remanding the case back to the Adjudicating Authority.
The Bank of India filed an application under Section 7 of the IBC against Rahul Kumawat, the Corporate Debtor, which was admitted by the Adjudicating Authority. The Corporate Debtor's account was classified as NPA on 30.09.2017. The Corporate Debtor argued that the NPA classification was incorrect and not in compliance with RBI circulars. The Corporate Debtor claimed that the Bank had not properly accounted for payments made and had artificially created a default situation. The Corporate Debtor also argued that it was an MSME and entitled to certain benefits under RBI guidelines. The Bank contended that the Corporate Debtor had defaulted on its payment obligations and that the RBI circulars were not applicable. The total outstanding amount was Rs. 11,57,89,697/- as on
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The Adjudicating Authority (National Company…
The NCLAT set aside the order of admission dated…
This is an appeal against the order dated 04.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench), which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the Respondent/Bank of India (Financial Creditor). The corporate debtor's account was declared NPA on 30.09.2017. This is the second round of litigation, with a previous order dated 14.11.2022 setting aside the admission order dated 05.03.2020 and remanding the case back to the Adjudicating Authority.
The Bank of India filed an application under Section 7 of the IBC against Rahul Kumawat, the Corporate Debtor, which was admitted by the Adjudicating Authority. The Corporate Debtor's account was classified as NPA on 30.09.2017. The Corporate Debtor argued that the NPA classification was incorrect and not in compliance with RBI circulars. The Corporate Debtor claimed that the Bank had not properly accounted for payments made and had artificially created a default situation. The Corporate Debtor also argued that it was an MSME and entitled to certain benefits under RBI guidelines. The Bank contended that the Corporate Debtor had defaulted on its payment obligations and that the RBI circulars were not applicable. The total outstanding amount was Rs. 11,57,89,697/- as on
…The Adjudicating Authority (National Company…
The NCLAT set aside the order of admission dated…