NCLT Dismisses Insolvency Petition Against Township Developers

15 Nov 2023 CW Team

The National Company Law Tribunal (NCLT) has dismissed an insolvency petition filed against Township Developers India by Piramal Capital and Housing Finance, acting on behalf of the original lender Dewan Housing Finance Corporation (DHFL). The petition was filed due to Township Developers' failure to repay mortgage loans totaling over ₹58.55 billion. However, the court dismissed the petition due to technical limitations related to the timing of the application.

The Insolvency and Bankruptcy Code (IBC) was amended by the Indian government in March 2020 to provide relief to businesses struggling due to the COVID-19 pandemic. Section 10A of the amended IBC prohibited the filing of insolvency petitions for defaults occurring on or after March 25, 2020, for a period of six months or up to one year.

The bankruptcy court determined that the default date should be calculated from the date of the first invocation notice, which informs the corporate debtor that the corporate guarantee has been invoked and demands payment of the outstanding amount on behalf of the borrower.

Piramal is reportedly considering challenging the court's decision by appealing to the National Company Law Appellate Tribunal (NCLAT)."

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