S.7 IBC petition held unmaintainable as alleged default date fell within moratorium; s.62 found no substantial question The SC held the financial creditor's s.7 IBC application was not maintainable because the stated date of default (22.02.2021) fell within the moratorium ...
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S.7 IBC petition held unmaintainable as alleged default date fell within moratorium; s.62 found no substantial question
The SC held the financial creditor's s.7 IBC application was not maintainable because the stated date of default (22.02.2021) fell within the moratorium period from 25.03.2020 to 25.03.2021, during which no CIRP application could be filed. The Court found no substantial question of law under s.62 of the IBC and dismissed the appeal.
The Supreme Court reviewed an appeal under the Insolvency and Bankruptcy Code, 2016 and held that "No substantial question of law under Section 62 of the Insolvency and Bankruptcy Code 2016 is raised." On that basis the court concluded that there was no substantive legal issue warranting interference and accordingly "The appeal is accordingly dismissed." The court also ordered that "Pending application, if any, stands disposed of." The decision rests on the threshold determination that Section 62 did not present a substantial question of law in the matter, eliminating the need for further adjudication on the merits.
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