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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Indevar Pandey, MEMBER (T)
IDBI Bank Ltd. – Appellant
Versus
ARM Infra & Utilities Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. appeal relates to a dismissed insolvency petition. (Para 1 , 3 , 12) |
| 2. appellant argues independent invocation post bar period. (Para 4 , 7 , 10 , 14) |
| 3. successive invocations based on continuing obligations. (Para 6 , 8 , 9) |
| 4. analysis of default dates and npa classification. (Para 19 , 20 , 21 , 22 , 24) |
| 5. second invocation valid as definite new default. (Para 26 , 27 , 38) |
| 6. recognition of multiple invocations allowed under continuing guarantees. (Para 35 , 52) |
| 7. appeal allowed, order set aside. (Para 53) |
JUDGMENT
(3rd July, 2025)
INDEVAR PANDEY, MEMBER (T)
The present appeal arises out of the judgment and final order dated 16.06.2023 passed by the National Company Law Tribunal, (Adjudicating Authority) Mumbai Bench in CP (IB) No. 144/MB/2023, whereby the Section 7 petition under Insolvency and Bankruptcy Code, 2016 (‘Code’) filed by the IDBI Bank Ltd./(Appellant), against ARM Infra & Utilities Pvt. Ltd. the Corporate Guarantor/(Respondent), was dismissed. The Appellant had sought initiation of Corporate Insolvency Resolution Process (CIRP) under the Code, on account of a default of Rs.193.82 crore by the Principal Borrower Siti Networks Ltd., whose liabilities
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