2020 (1) TMI 1388

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....by 'South Indian Bank Ltd.' (Financial Creditor) by impugned order dated 19th November, 2019, the Adjudicating Authority (National Company Law Tribunal), Kochi Bench, Kochi initiated Corporate Insolvency Resolution Process against M/s Atlas Gold Townships (India) Pvt. Ltd.' (Corporate Debtor). The Appellant/ Promoter has challenged the same on two grounds:- (a) The Application under Section 7 is barred by limitation. (b) There is no record of default enclosed in terms of Section 7(3)(b). 2. It was submitted by learned counsel for the Appellant that the account of Corporate Debtor was declared Non Preforming Asset (NPA) on 31st December, 2015 and the application under Section 7 was filed on 10th April, 2019 i.e. much bey....

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....d counsel for the Appellant submits that the Appellant was in jail in Dubai for having defaulted to pay creditors there and was under travel restrictions. It shows that he is a habitual defaulter. However, it is not clear how he has sworn affidavit in India. 7. From the record we also find that Bank has enough records to support that there is a default and therefore, the Adjudicating Authority rightly admitted the application under Section 7. In absence of any merit, the appeal is dismissed. No costs. ============= Document 1 Connect Server Print message From: Pam [email protected]> To: md@sb co in masib co in Sent Date: Mon 02 May 2016 (846:13 PM Received Mon 02 May 2016 8:46:5 PM) Date: Subject: Facilities grant....