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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
NARESH SALECHA, Member (Technical)
Uday J. Desai – Appellant
Versus
Bank of India – Respondent
| Table of Content |
|---|
| 1. background of parties, debt facilities, and default (Para 1 , 2 , 3 , 14 , 23 , 24) |
| 2. appellant's contentions on bank conduct and viability (Para 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 15 , 16 , 17 , 18 , 19 , 20 , 21) |
| 3. respondents' defense of debt, default, and cirp progress (Para 22 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 33 , 34 , 35 , 36 , 37 , 38 , 39) |
| 4. debt and default established, no res judicata (Para 40 , 41 , 42 , 51 , 52 , 53 , 54 , 56 , 57 , 59) |
| 5. vidarbha ratio inapplicable due to lack of viability proof (Para 43 , 44 , 45 , 46) |
| 6. no rbi violation; banks' commercial decisions upheld (Para 47 , 48 , 49 , 50 , 55 , 58) |
| 7. mandatory admission under section 7 per innoventive (Para 60 , 61) |
| 8. appeal dismissed; cirp to continue (Para 62) |
J U D G E M E N T
( 27.02.2026)
NARESH SALECHA, MEMBER (TECHNICAL)
1. The present appeal has been filed by the Appellant i.e., Uday J. Desai, who is the ex-director of Frost International Ltd. (“Corporate Debtor”), under Section 61 of the Insolvency and Bankruptcy Code, 2016 (‘Code’) against the Order dated 09.02.2023 ("Impugned Order") passed by the National Company Law Tribunal, Mumbai Bench ("Adjudicating Authority") in
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