9911796707
TMI Blog2023 (5) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, 2016 (herein after referred to as 'Code') against an order dated 24.03.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court-II (herein after referred to as 'NCLT') in CP No. (IB) 619/MB/2022. By the said order Ld. NCLT has admitted the application filed under Section 7 of the Code which was filed by the 'Financial Creditor' namely Karnataka Bank Ltd. The Financial Creditor in view of the default in payment of financial debt to the tune of Rs. 15,81,63,867/- (Rupees Fifteen Crore Eighty one lakhs sixty three thousand eight hundred and sixty seven only) had filed application for initiation of Corporate Insolvency Resolution Process (herein after referred to as 'CIRP'). 3. As evident from the record, it appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hs only) amount was already paid. However, those facts were not reflected in the impugned order nor financial creditor bothered to inform the NCLT. 5. Ld. Counsel for the Appellant has also drawn our attention to page 361 of the Memo of Appeal, Vol-II to persuade the court that the appellant/corporate debtor in respect of loan/liability of other financial creditor had taken steps and thereafter no due certificates were issued. 6. Ld. Counsel for the Appellant has drawn our attention to page 358 and 359 of Vol-II, of the Memo of Appeal to persuade the court that the appellant had made communication to the Karnataka Bank/financial creditor with a prayer to allow him to regularize the loan account. According to the Ld. Counsel for the Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugned order that the loan was sanctioned to the appellant since the month of August, 2015 and said facility continued up to 31.03.2018. However, since the account of the appellant was irregular in the month of May 2019, the account was declared NPA and within the prescribed period of limitation the application under Section 7 of the Code was filed. 9. The financial creditor in view of none clearance of the debt amount was constrained to file application under Section 7 of the Code in which notice was issued to the Corporate Debtor. However, despite valid service of notice, the appellant preferred not to participate in the proceeding before the NCLT. In such view of the matter the NCLT was left with no option but to pass order on the basis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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