This is an appeal to the Supreme Court of India against the judgment and order dated 14.05.2019 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi in Company Appeal (AT) Insolvency No. 549 of 2018. The NCLAT had rejected the contention that the application made by respondent No. 2 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) in respect of the debtor company (respondent No. 1), is barred by limitation. The appellant, Babulal Vardharji Gurjar, is challenging the NCLAT's order, arguing that the application under Section 7 of the IBC is time-barred.
On 22.12.2007, Corporation Bank, Indian Overseas Bank and Bank of India sanctioned and extended various loans, advances and facilities to Veer Gurjar Aluminium Industries Pvt. Ltd. The corporate debtor executed various security documents in favor of the lender banks in the years 2008 and 2009, including those of equitable mortgage. On 27.08.2010, additional security documents were executed. The corporate debtor defaulted in payment, and its account with Corporation Bank was classified as Non-Performing Asset (NPA) on 08.07.2011, and with Indian Overseas Bank on 05.08.2011. On 15.11.2011, Indian Overseas Bank issued a demand notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI
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Corporation Bank, Indian Overseas Bank, and Bank…
Corporate debtor executed security documents,…
This is an appeal to the Supreme Court of India against the judgment and order dated 14.05.2019 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi in Company Appeal (AT) Insolvency No. 549 of 2018. The NCLAT had rejected the contention that the application made by respondent No. 2 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) in respect of the debtor company (respondent No. 1), is barred by limitation. The appellant, Babulal Vardharji Gurjar, is challenging the NCLAT's order, arguing that the application under Section 7 of the IBC is time-barred.
On 22.12.2007, Corporation Bank, Indian Overseas Bank and Bank of India sanctioned and extended various loans, advances and facilities to Veer Gurjar Aluminium Industries Pvt. Ltd. The corporate debtor executed various security documents in favor of the lender banks in the years 2008 and 2009, including those of equitable mortgage. On 27.08.2010, additional security documents were executed. The corporate debtor defaulted in payment, and its account with Corporation Bank was classified as Non-Performing Asset (NPA) on 08.07.2011, and with Indian Overseas Bank on 05.08.2011. On 15.11.2011, Indian Overseas Bank issued a demand notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI
…Corporation Bank, Indian Overseas Bank, and Bank…
Corporate debtor executed security documents,…