Whether NPA classification date or loan recall notice date constitutes the date of default under the IBC, if Corporate Debtor made part payment between NPA classification date and loan recall notice date – Milind Kashiram Jadhav Vs. State Bank of India and Anr. – NCLAT New Delhi

Hon’ble NCLAT held that: (i) There is no requirement to calculate and fix the exact amount of repayment. (ii) The default has been persisting prior to 90 days of NPA declaration date. (iii) The mere existence of partial payments does not absolve the Corporate Debtor from the default status. In the light of these incontrovertible facts, the argument put forth by the Appellant/Corporate Debtor holds no merit.

Scroll to Top