# In the matter of G K Dairy and Milk Products Private Limited I.A.-1221-ND-2022 in Company Petition No. (IB)-421-ND-2021

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-02543. The case involves an application (I.A./1221/ND/2022) filed by Kotak Mahindra Bank Limited, the…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-02543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/g-k-dairy-and-milk-products-private-limited-ia-1221-nd-2022-in-company-petition-9e851bed

## Summary

### Background

The case involves an application (I.A./1221/ND/2022) filed by Kotak Mahindra Bank Limited, the Financial Creditor, in the main Company Petition (C.P.(IB)/421/ND/2021) under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The Financial Creditor seeks to amend Form 1 dated 02.08.2021 by taking on record the amended Form 1 dated 28.02.2022 to adjudicate the CIRP Petition filed under Section 7 of the IBC against the Corporate Debtor, GK Dairy And Milk Products Pvt Ltd. The applicant had inadvertently mentioned the Date of Default in the FORM 1 to be the date of Non Performing Asset (NPA) of the Account of the Corporate Debtor i.e. 30.06.2020 whereas the default had occurred on 29.02.2020.

## Facts

Kotak Mahindra Bank Limited, the Financial Creditor, filed Company Petition C.P.(IB)/421/ND/2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against GK Dairy And Milk Products Pvt Ltd, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs.24,50,10,577.77/- as on 29.04.2021. The date of default mentioned in Part-IV of Form I of the main petition was 30.06.2020, the date when the account was declared NPA. The Financial Creditor filed an interlocutory application (I.A./1221/ND/2022) to amend the date of default in Form 1 from 30.06.2020 to 29.02.2020, claiming the initial date was inadvertently mentioned. The Corporate Debtor opposed the amendment, arguing that the

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## Issues and analysis

### Issue 1: Whether the Financial Creditor can amend the date of default in Form 1 from 30.06.2020 to …

**Ratio:** An Application under Section 7 of the Code, 2016 can be amended and additional documents

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**Reasoning:** The Adjudicating Authority acknowledged that applications under Section 7 can be amended.

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**Interpretation:** Section 7 of the IBC allows for amendments and additional documents to be

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**Application:** The Adjudicating Authority took the interlocutory application on record along

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Appellants:** Kotak Mahindra…
- **Respondents:** G.K Dairy and…

## Timeline

- **2021-08-02 — Original Form…**: Original Form 1 was…
- **2022-02-28 — Amended Form…**: Amended Form 1 was dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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