2018 (12) TMI 1438

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....>Justice S.J. Mukhopadhaya Chairperson And Justice Bansi Lal Bhat Member(Judicial) For the Appellant : Mr. P.P. Hegde, Mr. Pai Amit and Mr. Rahat Bansal, Advocates. For the Respondents : Mr. Ramji Srinivasan, Senior Advocate with Ms. Gauri Rastogi, Mr. Karan Khanna, Ms. Ananya Choudhary, Mr. Siddhant Sharma, Mr. Bunmeet Singh Grover and Ms. Sylona Mohpatra, Advocates. ORDER This appeal....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rity while passing such order also noticed the decision of the Hon'ble Supreme Court in "Innoventive Industries Ltd. v. ICICI Bank and Anr.─ (2018) 1 SCC 407" which reads as follows: "28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the explanation to Section 7(1), a default is in respect of a financial debt owed to any financial cr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 day....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ithin 7 days of admission or rejection of such application, as the case may be." 3. Learned counsel appearing on behalf of the Appellant submits that there is a malafide on the part of the Bank as the account become NPA on 15th January, 2016 but the Bank did not classify the account with malafide intention to charge interest and make profit. 4. It is alleged that on 19th March, 2016, they th....