NDLI: M. Suresh Kumar Reddy Vs. Canara Bank & Ors.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Insolvency and Bankruptcy Code 14 – Scope of s.7 – ‘Default’ u/s.3(12) 2016 – ss.3(12) 7
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) Insolvency and Bankruptcy Code, 2016 (31 of 2016)
Case(s) Referred	Referred Case 0
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
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 – Challenged by appellant, a suspended Director of the Corporate 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 default on the part of a Corporate Debtorò – In such a case, an order of admission u/s. 7 must follow – In the present case, the amount payable by the Corporate Debtor also included the amount repayable under fund-based credit facility of secured overdrafts – The facility granted to the Corporate Debtor was not confined to Bank Guarantees – Corporate Debtor committed a default within the meaning of s. 3(12) due to nonpayment of the amounts due to the Bank – Thus, even assuming that NCLT has the power to reject the application u/s. 7 if there are good reasons to do so, in the instant case, the conduct of the appellant was such that no such good reason existed on the basis of which NCLT could have denied admission of the application u/s. 7 – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – s. 13(2).
Judge	Hon'ble Mr. Justice Abhay.S. Oka
Neutral Citation	2023 INSC 521
Petitioner	M. Suresh Kumar Reddy
Respondent	Canara Bank & Ors.
SCR	[2023] 5 S.C.R. 387
Judgement Date	2023-05-11
Case Number	7121

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M. Suresh Kumar Reddy Vs. Canara Bank & Ors.

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