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The Appellate Tribunal dismissed the appeal, holding that the Section 7 application filed by the Financial Creditor was not barred by Section 10A of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor had committed defaults on 21.12.2017 and 29.06.2018, leading to accounts being declared as NPA by lenders. Although assignment was made in favor of the Financial Creditor in 2019 and a settlement was agreed upon on 26.04.2019, which was not honored, constituting a further default prior to the Section 10A period. The Section 7 application was based on the default arising from the Consent Decree dated 29.08.2022, which cannot be pegged within the Section 10A period. The Adjudicating Authority did not err in admitting the Section 7 application, as it was not hit by Section 10A of the IBC.
The Appellate Tribunal dismissed the appeal, holding that the Section 7 application filed by the Financial Creditor was not barred by Section 10A of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor had committed defaults on 21.12.2017 and 29.06.2018, leading to accounts being declared as NPA by lenders. Although assignment was made in favor of the Financial Creditor in 2019 and a settlement was agreed upon on 26.04.2019, which was not honored, constituting a further default prior to the Section 10A period. The Section 7 application was based on the default arising from the Consent Decree dated 29.08.2022, which cannot be pegged within the Section 10A period. The Adjudicating Authority did not err in admitting the Section 7 application, as it was not hit by Section 10A of the IBC.
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