order in I.A. No. 2837/2023. Further, during the course of hearing on 15.02.2024, Ld. Counsel for the Financial Creditor stated that although the account had become NPA as per the Master Circular with effect from 03.08.2020, however because of moratorium period, the account was not classified as NPA as per Master Circular on that day and the date of classification of account as NPA was 30.03.2021. As per the application, the Applicant has claimed an outstanding "financial debt" of Rs. 108,77,95,510.24 as on 15.11.2021. It is further submitted by the Applicant that on 31.03.2021, the Applicant Bank issued the demand notice under Section 13 (2) of the SARFAESI Act calling upon the CD and other obligors to pay an amount of Rs.97,56,89906.62. including interest as on 30.03.2021. However, the Respondent argued that the petitioner/ applicant bank failed to serve the alleged demand notice dated 31.03.2021 upon the respondent company. Hence, the main limb of section 7 of IBC-2016 with respect to default and service of demand notice have not been complied with by the petitioner/ applicant bank in order to initiate the proceeding under the IBC Act-2016. However, on perusal of the Reply of the Applicant Bank in IA No. 2837/2023, it emerges that the said Demand Notice was served upon the Corporate Debtor on 09.04.2021 by way of newspaper publication and despite that the Corporate Debtor failed to make the repayment within 60 days of publication of the said notice.
