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NATIONAL COMPANY LAW TRIBUNAL
Labh Singh, Judicial Member, Rekha Kantilal Shah, Technical Member
PUNJAB NATIONAL BANK – Appellant
Versus
M/S. RAJARAMSEVAK MULTIPURPOSE COLD STORAGE PVT. LTD. – Respondent
| Table of Content |
|---|
| 1. financial creditor files section 7 application. (Para 1 , 2 , 3) |
| 2. loan sanctions and security creation detailed. (Para 4 , 5 , 6 , 7 , 8 , 9 , 10) |
| 3. further loans, default, and outstanding amount claimed. (Para 11 , 12 , 13 , 14 , 15 , 16 , 17) |
| 4. irp proposal and evidence of default submitted. (Para 18 , 19 , 20 , 21) |
| 5. cd objects: limitation, no default, ongoing litigation. (Para 22 , 23 , 24) |
| 6. cd's business history and bank assurances failed. (Para 25 , 26 , 27 , 28 , 29 , 30) |
| 7. market crisis, msme restructuring proposals ignored. (Para 31 , 32 , 33 , 34 , 35) |
| 8. rbi covid moratorium violated by npa classification. (Para 36 , 37 , 38 , 39 , 40 , 41) |
| 9. cd solvent; fc misusing ibc for recovery. (Para 42 , 43 , 44) |
| 10. issues framed; parties' oral arguments summarized. (Para 45 , 46 , 47) |
| 11. no embargo on section 7 despite sarfaesi restraint. (Para 48 , 49 , 50 , 51 , 52) |
| 12. nesl and demand notice show default post-25.03.2020. (Para 53 , 54 , 55) |
| 13. date of default cannot be backdated; section 10a applies. (Para 56 , 57 , 58 , 59 , 60 , 61) |
| 14. application dismissed due to section 10a bar. (Para 62 , 63 , 64) |
ORDER
Labh Singh Member(Judicial)
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