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        Case ID :
        Insolvency and Bankruptcy

        Initiation of CIRP - shadow period - NCLT admitted the...

        NCLT admits insolvency plea u/s 7; dismisses Section 10A argument due to pre-Section 10A default date.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Initiation of CIRP - shadow period - NCLT admitted the application u/s 7 - The Appellant cannot fall back upon the ingredients of Section 10A of the I & B Code, 2016, because of the fact that the Date of Default (Non Performing Asset), in the instant case on hand, was on 31.03.2017. In this connection, it is not out of place to this Tribunal, to make a pertinent mention that the 1st Respondent / Bank (Financial Creditor), filed under Section 7 Application, under the I & B Code, 2016, before the Adjudicating Authority, on 03.10.2018. As such, the contra plea, taken on behalf of the Appellant, is unworthy of acceptance. - AT
                                Note: It is a system-generated summary and is for quick reference only.
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