https://www.taxtmi.com/caselaws?id=759863 NCLAT dismissed the appeal, upholding the declaration of the corporate debtor's account as NPA. The debtor had cash credit facilities of Rs. 20 crores requiring annual review/renewal based on audited financial statements, which were not submitted. The bank's sanction letter specifically required review within one year for risk assessment and credit worthiness evaluation. Since the debtor failed to comply with renewal requirements and rectify irregularities, the bank was justified in declaring the account as NPA and initiating Section 7 proceedings under IBC. en-us Thu, 22 Aug 2024 00:00:00 +0530 Thu, 10 Oct 2024 08:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759863 NCLAT dismissed the appeal, upholding the declaration of the corporate debtor's account as NPA. The debtor had cash credit facilities of Rs. 20 crores requiring annual review/renewal based on audited financial statements, which were not submitted. The bank's sanction letter specifically required review within one year for risk assessment and credit worthiness evaluation. Since the debtor failed to comply with renewal requirements and rectify irregularities, the bank was justified in declaring the account as NPA and initiating Section 7 proceedings under IBC. Case-Laws IBC Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759863