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of <h1>Appeal Dismissed: Insolvency Application Rejected Due to Section 10-A Bar, Fresh Filing Permitted Without Merits Opinion.</h1> <h3>Small Industries Development Bank of India (SIDBI) Versus Sambandh Finserve pvt. Ltd.</h3> Small Industries Development Bank of India (SIDBI) Versus Sambandh Finserve pvt. Ltd. - TMI Issues: Appeal against dismissal of Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 as barred by Section 10-A.Analysis:The Appellate Tribunal heard the appeal against the Order dated 22nd November, 2022, where the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was dismissed by the Adjudicating Authority as barred by Section 10-A of the Code. The Appellant argued that despite mentioning the default date as 15.12.2020 in Part-IV, the Statement of Account provided details, indicating the Application was not barred. The Tribunal noted the categorical statement in Part-IV specifying the default date as 15.12.2020, a period when Section 10-A was in operation. Consequently, the Tribunal found no error in the Adjudicating Authority's decision to reject the Application under Section 10-A. However, in the interest of justice, the Tribunal granted the Appellant the liberty to file a fresh Application in compliance with the law, without expressing any opinion on the merits of the Application. The Tribunal emphasized that the Adjudicating Authority should consider any such future application and make a decision in accordance with the law. Ultimately, the Appeal was dismissed with the aforementioned liberty granted to the Appellant.
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