Supreme Court · 2023 INSC 521 · Decided 11 May 2023
M. Suresh Kumar Reddy v. Canara Bank & ORS.
- Court
- Supreme Court of India
- Citation
- 2023 INSC 521 · [2023] 5 S.C.R. 387
- Case number
- CIVIL APPEAL No. 7121/2022
- Decided
- 11 May 2023
- Bench
- ABHAY S. OKA, RAJESH BINDAL (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- IBC Section 3(12), 7, 14; SARFAESI Act Section 7, 13(2)
Headnote
Insolvency and Bankruptcy Code, 2016 - ss.3(12), 7, 14 - Scope of s.7 - 'Default' u/s.3(12) - Application filed by the respondent-Bank u/s.7 against corporate debtor, admitted by NCLT - Moratorium was declared for the purposes referred in s.14 - Debtor - Appeal dismissed by NCLAT - Held: Once NCLT is satisfied that the default has occurred, there is hardly a discretion left with it to refuse admission of the application u/s.7 - Even the non--payment of a part of debt when it becomes due and payable will amount to
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