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NCLAT dismissed the appeal and affirmed the Adjudicating Authority's admission of the Section 7 petition under the IBC, 2016. The Tribunal held that the Financial Creditor proved existence of a financial debt (s.5(8)) and default (s.3(12)) as at the NPA date (30.09.2017) exceeding the statutory threshold, relying on bank statements, ZLCC minutes, CIBIL records and successive OTS proposals by the Corporate Debtor which acknowledged liability. The Tribunal found the Section 13(2) notice was not withdrawn and that the Bank's correspondence declining possession proceedings did not negate default. Having considered limitation and other objections, the AA's finding of debt and default was upheld and the appeal dismissed.
NCLAT dismissed the appeal and affirmed the Adjudicating Authority's admission of the Section 7 petition under the IBC, 2016. The Tribunal held that the Financial Creditor proved existence of a financial debt (s.5(8)) and default (s.3(12)) as at the NPA date (30.09.2017) exceeding the statutory threshold, relying on bank statements, ZLCC minutes, CIBIL records and successive OTS proposals by the Corporate Debtor which acknowledged liability. The Tribunal found the Section 13(2) notice was not withdrawn and that the Bank's correspondence declining possession proceedings did not negate default. Having considered limitation and other objections, the AA's finding of debt and default was upheld and the appeal dismissed.
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