The time stipulation of 14 days in Section 7(4) of the IBC to ascertain the existence of a default is directory not mandatory
Last updated: 25 August 2021
Court :
CIVIL APPELLATE JURISDICTION
Brief :
The said Term Loan was to be repaid in 24 quarterly instalments of Rs.187.50 lakhs, which were to commence two years after the date of disbursement, and the entire Term Loan was to be repaid in eight years, inclusive of the implementation period of one year and the moratorium.
period.
Citation :
CIVIL APPEAL NO.1650 OF 2020
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Poojitha Raam Vinay 
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