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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
NARESH SALECHA, Technical Member
J.C. Flowers Asset Reconstruction Pvt. Ltd. – Appellant
Versus
Vithal M. Dahake – Respondent
| Table of Content |
|---|
| 1. background of loans, mortgages, and cirp commencement. (Para 1 , 2 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 53 , 54 , 55 , 56) |
| 2. appellant claims secured financial creditor via covenant to pay. (Para 18 , 19 , 20 , 21 , 22 , 23 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35) |
| 3. respondent denies financial debt absent direct disbursement. (Para 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 58 , 59 , 60 , 61) |
| 4. court frames issues and examines mortgage clauses. (Para 52 , 62 , 63 , 64 , 65 , 66 , 67 , 68 , 69 , 70 , 71 , 72 , 73 , 74 , 75 , 76 , 77 , 78) |
| 5. direct disbursement not sine qua non for financial debt. (Para 79 , 80 , 81) |
| 6. covenant to pay constitutes guarantee under section 126. (Para 82 , 83 , 84 , 85 , 86 , 87) |
| 7. mortgage qualifies as english mortgage under tpa section 58. (Para 88 , 89 , 90 , 91 , 92) |
| 8. appeal allowed; appellant is secured financial creditor. (Para 93) |
JUDGEMENT
( 24 .02.2026)
NARESH SALECHA, MEMBER (TECHNICAL)
1. The present appeal has been filed by the Appellant i.e., J.C. Flowers Asset Reconstruction Pvt. Ltd, under Section 61 of the Insolvency and Bankruptcy Code, 2016 (‘Cod
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