Supreme Court of India
M. Suresh Kumar Reddy v. Canara Bank & Ors.
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1 Supreme Court bench has cited this judgment.
From the headnote
Insolvency and Bankruptcy Code, 2016 – ss.3(12), 7, 14 – Scope of s.7 – ‘Default’ u/s.3(12) – Application fi led by the respondent-Bank u/s.7 against corporate debtor, admitted by N CLT – Moratorium was declared for the purposes referred in s.14 – Challenged by appellant, a suspended Director of th e Corporate Debtor – Appeal dismissed by NCLAT – Held: Once NCLT is satisfied that the default has occurred, there is hardly a discretion l eft with it to refuse admission of the application u/s.7 – Even the non--pa yment of a part of debt when it becomes due and payable will am ount to default on
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