The Economic Times

NCLT dismisses Unity Small Finance Bank's insolvency plea against Awas Developers over default date

Unity Small Finance Bank's insolvency plea against Awas Developers was dismissed by the NCLT. The tribunal ruled the bank failed to pinpoint the correct default date and the case was time-barred. Despite the dismissal, the bank can pursue other legal avenues. The NCLT highlighted inconsistencies in the bank's default date claims, emphasizing that an NPA classification, not a demand notice, sets the limitation period.