Back
IN THE HIGH COURT OF JUDICATURE AT MADRAS
S.S.Sundar, P.Dhanabal
Dharamshi K.Patel – Appellant
Versus
Indian Bank – Respondent
ORDER
S.S.SUNDAR, J.
(1)This writ petition is filed by the Shareholders and suspended Directors of the Corporate Debtor, namely, Evershine Wood Packaging Private Limited, seeking for issuance of a writ of certiorari to quash the order passed by the National Company Law Tribunal [in short 'NCLT'], Division Bench-II, Chennai, dated 23.06.2023 in CP[IB].No.13/2023, admitting the Company Petition with directions and appointing Interim Resolution Professional [IRP] with further direction.
(2)Brief facts that are necessary for the disposal of this writ petition are as follows:
(3)The Company/Corporate Debtor, namely Evershine Wood Packaging Private Limited is carrying on business of timber and availed various credit facilities with M/s.Indian Bank from the year 2017. The Corporate Debtor signed the Demand Promissory Note, Letter of Continuity, Agreement of Guarantee etc. The Corporate Debtor also acknowledged the liability which is not in issue. It is admitted that the Corporate Debtor committed default in payment of loan/debt and hence, a Demand Notice was issued on 10.11.2021. The Accounts of the Corporate Debtor was declared as ''Non Profitable Asset'' [NPA] on 31.03.2021 with effect from
The court clarified that under Section 10-A, defaults continuing after a moratorium remain subject to insolvency proceedings, affirming NCLT's authority in such matters.
Date of default specified in demand notice and information utility records cannot be altered to evade Section 10A bar; application under Section 7 dismissed if default falls within 25.03.2020-24.03.2....
(1) Language of provision is not always decisive to arrive at a determination whether provision if applicable prospectively or retrospectively.(2) Retrospective bar on filing of applications for comm....
Jurisdiction of the Tribunal, the writ petition under Article 226 is maintainable and there is no necessity or purpose for relegating the petitioner to the alternate remedy. Nor is it necessary to de....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
