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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Rakesh Kumar Jain (Member(Judicial)) , Mr. Naresh Salecha (Member (Technical)) , Mr. Barun Mitra (Member (Technical)) ,
rahul kumawat – Appellant
Versus
bank of india & anr – Respondent
| Table of Content |
|---|
| 1. background of the appeal and prior orders. (Para 1 , 2) |
| 2. arguments regarding the classification of accounts. (Para 3 , 4 , 5) |
| 3. clarification on npa classification by rbi guidelines. (Para 6) |
| 4. court's analysis on evidence and defaults. (Para 7 , 8 , 9 , 10) |
| 5. conclusion and remand directions to adjudicating authority. (Para 11 , 12 , 13 , 14) |
ORDER
(Hybrid Mode)
Per: Justice Rakesh Kumar Jain: (Oral)
26.04.2024: This appeal is directed against the order dated 04.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) by which an application filed under Section 7 of the Code by the Respondent/Bank of India (Financial Creditor) has been admitted. Moratorium has been imposed and Chaya Gupta has been appointed as the Interim Resolution Professional (in short ‘IRP’).
2. It is pertinent to mention that this is the second round of litigation. In the first round of litigation, this Court vide its order dated 14.11.2022 set aside the order of admission dated 05.03.2020 and remanded the case back to the Adjudicating Authority to record cogent reasons in respect of admission of the application filed under Section 7 of the Code.
3. In the impug
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