The appeal was filed by Vivekanand Jha, the suspended management of Mithilanchal Industries Pvt. Ltd., against an order dated 15.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in C.P. (IB) No. 173/7/NCLT/AHM/2019. The Adjudicating Authority had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Punjab National Bank against Mithilanchal Industries Pvt. Ltd. The appellant challenged the admission of the application, arguing that the claim was time-barred.
Vivekanand Jha, representing Mithilanchal Industries Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (NCLT, Ahmedabad Bench) which admitted an application filed by Punjab National Bank (PNB) under Section 7 of the Insolvency and Bankruptcy Code (IBC). PNB claimed that Mithilanchal Industries had defaulted on loan repayments. The date of default was stated as 27.12.2014. PNB had also initiated proceedings before the Debts Recovery Tribunal (DRT) and issued a notice under Section 13(2) of the SARFAESI Act. The appellant argued that the application was time-barred as it was filed beyond three years from the date of default. PNB contended that the Corporate Debtor had acknowledged the debt through One Time Settlement (OTS) proposals, which
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The appeal was filed by Vivekanand Jha, the suspended management of Mithilanchal Industries Pvt. Ltd., against an order dated 15.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in C.P. (IB) No. 173/7/NCLT/AHM/2019. The Adjudicating Authority had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Punjab National Bank against Mithilanchal Industries Pvt. Ltd. The appellant challenged the admission of the application, arguing that the claim was time-barred.
Vivekanand Jha, representing Mithilanchal Industries Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (NCLT, Ahmedabad Bench) which admitted an application filed by Punjab National Bank (PNB) under Section 7 of the Insolvency and Bankruptcy Code (IBC). PNB claimed that Mithilanchal Industries had defaulted on loan repayments. The date of default was stated as 27.12.2014. PNB had also initiated proceedings before the Debts Recovery Tribunal (DRT) and issued a notice under Section 13(2) of the SARFAESI Act. The appellant argued that the application was time-barred as it was filed beyond three years from the date of default. PNB contended that the Corporate Debtor had acknowledged the debt through One Time Settlement (OTS) proposals, which
…Bank disbursed loan in…
The Bank claimed that…