The appeal was filed by the Appellant, who was under suspended management of the Corporate Debtor, Mithilanchal Industries Pvt. Ltd., against the order dated 20.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in C.P. (IB) No. 179/7/NCLT/AHM/2019. The Adjudicating Authority admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by the Respondent, Punjab National Bank, against the Corporate Debtor, Telstar Industries Pvt. Ltd. The bank claimed that it had approved various financial facilities and disbursed loans in the form of cash/credit and overdraft facilities dated 3rd November 2010, but the Corporate Debtor did not pay the installments as per the agreement. The bank had to resort
…Punjab National Bank (PNB) claimed that Telstar Industries Pvt. Ltd. defaulted on loan repayments after availing financial facilities. PNB initiated proceedings before the Debts Recovery Tribunal (DRT) and issued a notice under Section 13(2) of the SARFAESI Act, 2002, after the loan account became a Non-Performing Asset (NPA). PNB claimed the date of default was December 27, 2014. The Corporate Debtor, Telstar Industries Pvt. Ltd., submitted One Time Settlement (OTS) proposals to the bank, which the bank claimed acknowledged the debt. The Adjudicating Authority admitted the application under Section 7 of IBC filed by PNB. The appellant argued that the application was time-barred because the date of default was incorrectly stated and that the OTS extended the limitation
…Sign in to view the parties.
Punjab National Bank approved and disbursed…
Punjab National Bank…
The appeal was filed by the Appellant, who was under suspended management of the Corporate Debtor, Mithilanchal Industries Pvt. Ltd., against the order dated 20.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in C.P. (IB) No. 179/7/NCLT/AHM/2019. The Adjudicating Authority admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by the Respondent, Punjab National Bank, against the Corporate Debtor, Telstar Industries Pvt. Ltd. The bank claimed that it had approved various financial facilities and disbursed loans in the form of cash/credit and overdraft facilities dated 3rd November 2010, but the Corporate Debtor did not pay the installments as per the agreement. The bank had to resort
…Punjab National Bank (PNB) claimed that Telstar Industries Pvt. Ltd. defaulted on loan repayments after availing financial facilities. PNB initiated proceedings before the Debts Recovery Tribunal (DRT) and issued a notice under Section 13(2) of the SARFAESI Act, 2002, after the loan account became a Non-Performing Asset (NPA). PNB claimed the date of default was December 27, 2014. The Corporate Debtor, Telstar Industries Pvt. Ltd., submitted One Time Settlement (OTS) proposals to the bank, which the bank claimed acknowledged the debt. The Adjudicating Authority admitted the application under Section 7 of IBC filed by PNB. The appellant argued that the application was time-barred because the date of default was incorrectly stated and that the OTS extended the limitation
…Punjab National Bank approved and disbursed…
Punjab National Bank…