The case involves a default of Rs. 6.7 Crores against respondent No.2. Respondent No.2 was declared a Non-Performing Asset (NPA) by Abhyudaya Co-operative Bank Limited on 23.12.1999. A Recovery Certificate dated 24.12.2001 was issued. Respondent No.1 filed a Section 7 petition before the NCLT on 21.07.2017, claiming the amount with interest from 1998. The loan was originally assigned to Respondent No.2, and the respondent became a Financial Creditor after a merger in 2006. The Section 7 petition was admitted on 05.03.2018 by the NCLT.
Respondent No. 2 defaulted on a loan of Rs. 6.7 Crores. Abhyudaya Co-operative Bank declared Respondent No. 2 an NPA on December 23, 1999. A Recovery Certificate was issued on December 24, 2001. Respondent No. 1 filed a Section 7 petition on July 21, 2017, before the NCLT, claiming the amount due with interest accruing from 1998. The loan was originally assigned to Respondent No. 2, and after a merger in 2006, the respondent became a Financial Creditor. The NCLT admitted the Section 7 petition on March 5, 2018. An appeal to the NCLAT was dismissed on September 5, 2018, stating the cause of action was continuing, and no limitation period applied. The Recovery Certificate of 2001 showed a default, and there was no statable defense. The key fact is the date of the
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Respondent No.2…
Recovery Cert…
The case involves a default of Rs. 6.7 Crores against respondent No.2. Respondent No.2 was declared a Non-Performing Asset (NPA) by Abhyudaya Co-operative Bank Limited on 23.12.1999. A Recovery Certificate dated 24.12.2001 was issued. Respondent No.1 filed a Section 7 petition before the NCLT on 21.07.2017, claiming the amount with interest from 1998. The loan was originally assigned to Respondent No.2, and the respondent became a Financial Creditor after a merger in 2006. The Section 7 petition was admitted on 05.03.2018 by the NCLT.
Respondent No. 2 defaulted on a loan of Rs. 6.7 Crores. Abhyudaya Co-operative Bank declared Respondent No. 2 an NPA on December 23, 1999. A Recovery Certificate was issued on December 24, 2001. Respondent No. 1 filed a Section 7 petition on July 21, 2017, before the NCLT, claiming the amount due with interest accruing from 1998. The loan was originally assigned to Respondent No. 2, and after a merger in 2006, the respondent became a Financial Creditor. The NCLT admitted the Section 7 petition on March 5, 2018. An appeal to the NCLAT was dismissed on September 5, 2018, stating the cause of action was continuing, and no limitation period applied. The Recovery Certificate of 2001 showed a default, and there was no statable defense. The key fact is the date of the
…Respondent No.2…
Recovery Cert…