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Seth Thakurdas Khinvraj Rath Vs. Cals Refineries Ltd. & Ors- NCLAT New Delhi Read Post »
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Rajputana Properties Private Limited Vs. Ultratech Cement Limited & Ors.- Supreme Court Read Post »
NCLAT held that from the Section 7 of IBC, it is clear that if the application is filed under Section 7, default in respect of a ‘financial debt’ owed to any of the ‘Financial Creditors’ of the corporate debtor, it need not be a default of debt owed to the particular Financial Creditor and may be a Co-Financial Creditor under Section 7(2). Application made under Sub-section (1) in the form prescribed required to accompany the documents and records therein. If the authorization letter was not accompanied or other record relating to debt or a default was not enclosed, as pleaded by learned counsel appearing on behalf of Corporate Debtor, which requires to be mentioned in Part-IV and Part-V of Form 1, it was duty on part of the Adjudicating Authority to allow time to the ‘Financial Creditor(s)’ to remove the defects and should not have rejected the application on the ground that the loan amount of certain ‘Financial Creditor’ is not clear from the record.
