Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
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Admission of Section 7 application filed by the Financial Creditor - invocation of guarantee - application filed by the Financial Creditor is barred by Section 10A of IBC or not - The NCLAT found that the invocation of the guarantee on 22.02.2020, which preceded the 10A period, allowed for the initiation of insolvency proceedings under Section 7. Therefore, the tribunal held that Section 10A did not bar the application.
Admission of Section 7 application filed by the Financial Creditor - invocation of guarantee - application filed by the Financial Creditor is barred by Section 10A of IBC or not - The NCLAT found that the invocation of the guarantee on 22.02.2020, which preceded the 10A period, allowed for the initiation of insolvency proceedings under Section 7. Therefore, the tribunal held that Section 10A did not bar the application.
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