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NCLAT dismissed the appeal and upheld the adjudicating authority's admission of the Section 7 application, finding a continuing debt and default by the corporate debtor despite the 09.11.2016 agreement; the revised timelines did not extinguish the obligation and the lead financial creditor validly recalled the entire loan on 09.11.2022, rendering the outstanding sum of Rs.6,10,25,59,513/- immediately due. The Tribunal rejected the appellant's contention that novation discharged liability and that the filing creditor lacked authority, holding clause 4.3(a) permitted individual enforcement by a creditor upon default. The impugned order admitting the Section 7 petition is affirmed and the appeal is dismissed.
NCLAT dismissed the appeal and upheld the adjudicating authority's admission of the Section 7 application, finding a continuing debt and default by the corporate debtor despite the 09.11.2016 agreement; the revised timelines did not extinguish the obligation and the lead financial creditor validly recalled the entire loan on 09.11.2022, rendering the outstanding sum of Rs.6,10,25,59,513/- immediately due. The Tribunal rejected the appellant's contention that novation discharged liability and that the filing creditor lacked authority, holding clause 4.3(a) permitted individual enforcement by a creditor upon default. The impugned order admitting the Section 7 petition is affirmed and the appeal is dismissed.
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