NCLAT Disallows Amendment on Date of Default Already Contested in IBC Proceedings

Vasavai Power Services Pvt. Ltd. Vs Canara Bank Ltd. (NCLAT Channai) National Company Law Appellate Tribunal (NCLAT), Chennai bench, has set aside an order of the National Company Law Tribunal (NCLT), Amaravati, that permitted a financial creditor to amend the specified ‘date of default’ in its application seeking to initiate the corporate insolvency resolution process (CIRP) against a corporate debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The case arose after a financial creditor filed a Section 7 application, stating August 17, 2023, as the date of de...