Date of declaration of loan as NPA can be date of default for initiation of action u/s. 7 of IBC

Bikram Bhadur Vs Union Bank of India & Anr. (NCLAT Delhi) NCLAT Delhi held that date of declaration of the loan account/ debt as NPA can be reckoned as the date of default to enable the Financial Creditor to initiate action under Section 7 of the Insolvency and Bankruptcy Code. Facts- This appeal by a Suspended Director of the Corporate Debtor has been filed challenging the order dated 04.06.2024 passed by the Adjudicating Authority admitting an application u/s. 7 filed by the Union Bank of India. Appellant aggrieved by the order of admission has filed this Appeal. Notably, on 24.09.2022, ...