The Indian Bank, formerly Allahabad Bank, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to amend the Company Petition.
Indian Bank (formerly Allahabad Bank) filed an application to amend the Company Petition.
The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016.
The Respondent Personal Guarantor opposed the amendment, claiming the cause of action was time-barred.
The Applicant sought to amend the date of default.
The Tribunal considered precedents cited by both the Applicant and the Respondent.
The Tribunal noted that it is bound to ascertain the correct date of default.
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Order sheet…
The Indian Bank, formerly Allahabad Bank, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to amend the Company Petition.
Indian Bank (formerly Allahabad Bank) filed an application to amend the Company Petition.
The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016.
The Respondent Personal Guarantor opposed the amendment, claiming the cause of action was time-barred.
The Applicant sought to amend the date of default.
The Tribunal considered precedents cited by both the Applicant and the Respondent.
The Tribunal noted that it is bound to ascertain the correct date of default.
Order sheet…