17 Sep R. Raghavendran and others, this new NCLAT, Chennai relied on this new wisdom out of Sarvana Worldwide Holdings Ltd
In Trickle Funding Inc. v. Concord Creations (India) P. Ltd., the NCLAT, Chennai kept one to an enthusiastic initiation of your CIRP cannot count so you're able to recovery legal proceeding and this the Adjudicating Authority at the time off commitment about whether or not to accept or refuse a loan application under Point 7 of your Password, is not available the reason why towards the business debtor's standard. The newest NCLAT, Chennai detailed the NCLT, Bangalore had acted from the depending standards by allowing the fresh corporate borrower more time to settle their financial obligation on the grounds that the business debtor got adequate income and you may property to settle the financial obligation.
For the Manmohan Singh Jain v. County Lender of India & Some other, brand new NCLAT, Chennai stored you to definitely non-mentioning of one's big date out of default during the an application by an effective monetary collector under Area seven of your Code is not deadly into the software as well as on one to sole crushed, the application form can not be refuted because of a mere a technical impediment.