This is a civil appeal against a judgment and final order passed by the National Company Law Appellate Tribunal (NCLAT), which allowed a company appeal filed by the respondents and set aside an order passed by the Adjudicating Authority/National Company Law Tribunal (NCLT), Bengaluru. The NCLT had admitted a petition filed by the appellant bank against the respondent (corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The NCLAT held that the petition of the appellant bank under Section 7 of the IBC was barred by limitation.
Dena Bank (now Bank of Baroda) sanctioned a term loan and letter of credit to a Corporate Debtor with a limit of Rs. 45 Crores. The Corporate Debtor defaulted on repayment in September 2013, and the loan account was declared NPA on December 31, 2013. The Corporate Debtor requested restructuring in March 2014, which the bank denied. The bank issued a legal notice in December 2014 demanding Rs. 52.12 crores. The bank filed an application under the Recovery of Debts Due to Banks and Financial Institutions Act in January 2015. The Corporate Debtor proposed a one-time settlement in March 2017, which the bank rejected. The Debt Recovery Tribunal (DRT) passed a judgment against the Corporate Debtor in March 2017, and a Recovery Certificate was issued in May 2017. The bank
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Appellant Bank sanctioned Term Loan and…
Corporate Debtor…
This is a civil appeal against a judgment and final order passed by the National Company Law Appellate Tribunal (NCLAT), which allowed a company appeal filed by the respondents and set aside an order passed by the Adjudicating Authority/National Company Law Tribunal (NCLT), Bengaluru. The NCLT had admitted a petition filed by the appellant bank against the respondent (corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The NCLAT held that the petition of the appellant bank under Section 7 of the IBC was barred by limitation.
Dena Bank (now Bank of Baroda) sanctioned a term loan and letter of credit to a Corporate Debtor with a limit of Rs. 45 Crores. The Corporate Debtor defaulted on repayment in September 2013, and the loan account was declared NPA on December 31, 2013. The Corporate Debtor requested restructuring in March 2014, which the bank denied. The bank issued a legal notice in December 2014 demanding Rs. 52.12 crores. The bank filed an application under the Recovery of Debts Due to Banks and Financial Institutions Act in January 2015. The Corporate Debtor proposed a one-time settlement in March 2017, which the bank rejected. The Debt Recovery Tribunal (DRT) passed a judgment against the Corporate Debtor in March 2017, and a Recovery Certificate was issued in May 2017. The bank
…Appellant Bank sanctioned Term Loan and…
Corporate Debtor…