Mr. Virendra Kumar Gupta

If the default occurs during the period specified in the section 10A of IBC, an application under section 7 of IBC cannot be filed – Yes Bank Ltd. Vs. Laxmi Oil and Vanaspati Pvt. Ltd. – NCLT Allahabad Bench

/ 2 minutes of reading

The Adjudicating Authority observed that there is no basis for determining the date of default as 28.02.2020. As noted, that loan recall notice has been issued on 27.08.2020, which falls in the period as specified u/s 10A of IBC, 2016. Hence, said date of default, in our view, has been fixed, just to circumvent the implications of the said section because if the default occurs during the period specified in the said section, an application under section 7 of IBC cannot be filed. Unless a loan recall notice is given or the date of default can be determined in a specific manner in terms of any guidelines given by the RBI, the Financial Creditor cannot be allowed to treat any date as date of default just because such a course would suit it.

If the default occurs during the period specified in the section 10A of IBC, an application under section 7 of IBC cannot be filed – Yes Bank Ltd. Vs. Laxmi Oil and Vanaspati Pvt. Ltd. – NCLT Allahabad Bench Read Post »

The date of default can only be calculated when the tenure of the loan is established, or when there is a demand for repayment – N.C. Goel & Maya Goel Vs. Piyush Infrastructure India Pvt. Ltd. – NCLT Allahabad Bench

/ 3 minutes of reading

The Adjudicating Authority held that in summary jurisdiction, without adequate documentation, it is difficult to establish the purpose for which the money was lent and accepted. It is also not possible to establish whether there was any interest required to be paid. The time value of money is an important factor to be considered in order to establish whether this is a financial debt. Ex facie, this appears to be a petition which has been filed for recovery of money and not for resolution of the corporate debtor. The Code, should not be allowed to be used as an easy way of recovery of money. In this view of the matter, the present petition cannot be admitted under section 7 of the Code, and the same shall stand dismissed.

The date of default can only be calculated when the tenure of the loan is established, or when there is a demand for repayment – N.C. Goel & Maya Goel Vs. Piyush Infrastructure India Pvt. Ltd. – NCLT Allahabad Bench Read Post »

Claim of an Operational Creditor on which the CIRP was initiated, cannot be rejected by the Liquidator on the ground that no invoices were provided at the claim filing stage – Suman Chadha Vs. Kamal Aggarwal, Liquidator & Anr. – NCLT New Delhi Bench Court-III

/ 3 minutes of reading

In this case, the application u/s 9 of IBC, 2016 was filed by the operational creditor on the basis of agreement/ documents which were hand written. The application u/s 9 of IBC, 2016 was admitted as the corporate debtor was found liable to pay the outstanding debt.
The Adjudicating Authority held that as per the provisions of Regulation 17(2)(iii) of Liquidation Process Regulations, 2016, which state that the existence of debt due to an operational creditor, may be proved on the basis of an order of a Court or Tribunal that has adjudicated upon the non-payment of a debt, if any and the order of admission passed by this Adjudicating Authority, being a Tribunal falls into this category.

Claim of an Operational Creditor on which the CIRP was initiated, cannot be rejected by the Liquidator on the ground that no invoices were provided at the claim filing stage – Suman Chadha Vs. Kamal Aggarwal, Liquidator & Anr. – NCLT New Delhi Bench Court-III Read Post »

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