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Bank's Unjust Default Claim Quashed; No Principal Borrower Default on Aug 1, 2019, u/s 7.

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....CIRP process - Financial Creditors - In the present case, the Bank has not acted fairly - It was omission or commission of the Bank in not refunding the facility fee to the borrower due to which Bank cannot contend that any default was committed by the borrower on 01.08.2019 - there being no default on principal borrower on 01.08.2019, the Bank also cannot proceed against the Corporate Debtor by filing of Application on the basis of default dated 01.08.2019. - The Adjudicating Authority committed error in admitting the Application under Section 7 on the ground that default was committed by the Appellant on 01.08.2019. - Application quashed - AT....

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Bank's Unjust Default Claim Quashed; No Principal Borrower Default on Aug 1, 2019, u/s 7.