https://www.taxtmi.com/caselaws?id=751885 NCLAT upheld initiation of CIRP under Section 7 of IBC against corporate debtor owing Rs. 46.80 crores to financial creditor. The tribunal held that NPA classification date (September 27, 2019) constituted the default date, not the loan recall notice date (August 11, 2020). Default occurred when loan installment due June 30, 2019 remained unpaid for 90 days, triggering NPA classification. Despite partial payments thereafter, continuous default persisted. NCLAT dismissed appeal, affirming that NPA classification date serves as valid default date for insolvency proceedings under IBC. en-us Thu, 25 Apr 2024 00:00:00 +0530 Sun, 28 Apr 2024 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751885 NCLAT upheld initiation of CIRP under Section 7 of IBC against corporate debtor owing Rs. 46.80 crores to financial creditor. The tribunal held that NPA classification date (September 27, 2019) constituted the default date, not the loan recall notice date (August 11, 2020). Default occurred when loan installment due June 30, 2019 remained unpaid for 90 days, triggering NPA classification. Despite partial payments thereafter, continuous default persisted. NCLAT dismissed appeal, affirming that NPA classification date serves as valid default date for insolvency proceedings under IBC. Case-Laws Insolvency and Bankruptcy Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751885