Important Orders and Judgment by NCLT/NCLAT

  1. The NCLAT on Wednesday held that the operational debt should have been paid through LC facility within 60 days from 15.1.2020, and since it could not done due to discrepancies in submission of documents to the South Indian Bank, it was the responsibility of the corporate debtor to make the payments, more so when it was being repeatedly asked to do so by the operational creditor.Thus, The payment was to be made with 60 days from the date of bill of lading, which would be ‘date of default’ and which would not be covered in the period stipulated in Section 10-A of the IBC.

Satish Kumar Sethi v. M/s. BASF India Ltd.,

Company Appeal (AT) (Ins) No. 154 of 2023

  1. The NCLAT on Wednesday held that the Adjudicating Authority should have allowed IA No. 739(ND)/2021 and permitted the Appellant to intervene and participate in the Section 7 proceedings with relation to the corporate debtor M/s Ascot Projects Pvt. Ltd. This was necessary to avoid miscarriage of justice and would have allowed the Appellant to substantiate its allegation regarding ground as pleaded in IA No. 739(ND)/2021.

Airwil Intellicity Social Welfare Society v. M/s Ascot Projects Pvt. Ltd.

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