The Directors and Shareholders of Ria Constructions Limited filed an appeal against the order of the Adjudicating Authority (NCLT), Chandigarh, which had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Punjab National Bank. The Adjudicating Authority had also declared a moratorium and appointed an Interim Resolution Professional. The Appellants argued that Form-1 was incomplete and that Punjab National Bank had issued a notice under the SARFAESI Act, 2002, with discrepancies in the amount of sale of mortgaged properties. The Adjudicating Authority was satisfied that a default had occurred and that Form-1 was complete.

The Directors and Shareholders of Ria Constructions Limited filed an appeal against the order of the Adjudicating Authority (NCLT), Chandigarh, which had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Punjab National Bank. The Adjudicating Authority had also declared a moratorium and appointed an Interim Resolution Professional. The Appellants argued that Form-1 was incomplete and that Punjab National Bank had issued a notice under the SARFAESI Act, 2002, with discrepancies in the amount of sale of mortgaged properties. The Adjudicating Authority was satisfied that a default had occurred and that Form-1 was complete.