{"id":156454,"date":"2017-09-14T12:24:01","date_gmt":"2017-09-14T06:54:01","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=156454"},"modified":"2017-10-27T15:42:41","modified_gmt":"2017-10-27T10:12:41","slug":"nclt-admits-bank-of-barodas-insolvency-plea-against-amrapali-silicon-city-pvt-ltd-appoints-interim-resolution-professional","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/09\/14\/nclt-admits-bank-of-barodas-insolvency-plea-against-amrapali-silicon-city-pvt-ltd-appoints-interim-resolution-professional\/","title":{"rendered":"NCLT admits Bank of Baroda\u2019s insolvency plea against Amrapali Silicon City Pvt. Ltd.; appoints Interim Resolution Professional"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Tribunal, Principal Bench: <\/strong>Bank of Baroda, the Financial Creditor filed an application to trigger the Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Amrapali Silicon City Pvt. Ltd., the Corporate Debtor. The financial debt was set out in the form of a loan agreement between the debtor and the financial creditor wherein an amount of Rs. 100 crores was sanctioned to the corporate debtor. Amrapali Silicon City Pvt. Ltd. defaulted in paying an outstanding amount of Rs. 56 crore in March, 2016. The question which arose for consideration for the Principal Bench, NCLT was whether the Financial Creditor was able to satisfy the requirement of Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate a Corporate Insolvency Resolution Process lawfully showing the presence of a default.<\/p>\n<p style=\"text-align: justify;\">Amrapali Silicon City told the Bench said that Bank of Baroda, which is the lead bank of the consortium of lenders, could not individually enforce any right or obligation of the term loan agreement. It contended that the insolvency application even otherwise was incomplete and the same was liable to be rejected. But the Bench dismissed the opposition arguing that the \u201cExplanation to Section 7 (1) clarifies that for the purposes of Section 7, a default includes a default in respect of financial debt, owed not only to the applicant-financial creditor but to any other financial creditor of the Corporate Debt. Moreover, no other financial creditor has come to the forefront to oppose the application\u201d.<\/p>\n<p style=\"text-align: justify;\">The Principal Bench of NCLT, headed by Chief Justice M.M. Kumar, admitted the plea by Bank of Baroda against Amrapali Silicon City Pvt. Ltd. and stated that it would appoint an Interim Resolution Professional who will invite claims from creditors to the company and prepare a resolution plan within the time-frame stipulated under the IBC, 2016. [Bank of Baroda v. Amrapali Silicon City Pvt. Ltd., <a href=\"http:\/\/www.scconline.com\/DocumentLink\/p4973xOj\">2017 SCC OnLine NCLT 814<\/a>, decided on 4.9.2017]<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal, Principal Bench: Bank of Baroda, the Financial Creditor filed an application to trigger the Corporate Insolvency Resolution Process <\/p>\n","protected":false},"author":91,"featured_media":125791,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[22814,22794,22824,22804],"class_list":["post-156454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-corporate-insolvency-resolution-process","tag-insolvency-bankruptcy-code","tag-interim-resolution-professional","tag-section-7"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT admits Bank of Baroda\u2019s insolvency plea against Amrapali Silicon City Pvt. Ltd.; appoints Interim Resolution Professional | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/09\/14\/nclt-admits-bank-of-barodas-insolvency-plea-against-amrapali-silicon-city-pvt-ltd-appoints-interim-resolution-professional\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT admits Bank of Baroda\u2019s insolvency plea against Amrapali Silicon City Pvt. 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Bulchandani*","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":268652,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/18\/can-default-in-payment-of-instalments-under-the-settlement-agreement-be-defined-as-an-operational-debt-nclt-decides\/","url_meta":{"origin":156454,"position":4},"title":"Can default in payment of instalments under the settlement agreement be defined as an operational debt? NCLT decides","author":"Editor","date":"June 18, 2022","format":false,"excerpt":"National Company Law Tribunal, New Delhi: The bench of Abni Rajan Kumar Sinha, Judicial Member and Hemant Kumar Sarangi, Technical Member has held, that default made in payment of instalment amount as per the terms of the settlement agreement does not fall under the definition of operational debt. Facts of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":268605,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/17\/post-dated-cheque-admission-of-date-negotiable-instruments-section-138-insolvency-bankruptcy-code-nclt-company-law-tribunal-legal-research-updates-news\/","url_meta":{"origin":156454,"position":5},"title":"Can post-dated cheque issued for repayment of principal amount be taken as unqualified admission of debt? NCLT Allahabad decides","author":"Editor","date":"June 17, 2022","format":false,"excerpt":"National Company Law Tribunal, Allahabad (NCLT): The bench of \u00a0Rajasekhar V.K., Judicial Member and Virendra Kumar Gupta, Technical Member decided that for the purpose of repayment of principal amount, issuance of post-dated cheques by corporate debtor cannot be taken as unqualified admission of debt because the presumptions drawn under Sections\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/156454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=156454"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/156454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/125791"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=156454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=156454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=156454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}