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NCLAT ruled that a Section 9 application filed by the Operational Creditor was non-maintainable as the majority of claimed defaults occurred during the COVID-19 protected period under Section 10A of IBC (March 15, 2020 to February 28, 2022). Following the Supreme Court's Ramesh Kymal precedent, defaults during this period cannot form the basis for CIRP initiation. After excluding these protected defaults, the remaining debt fell below the mandatory Rs. 1 Cr threshold required under Section 4. Additionally, the tribunal condemned the Operational Creditor's "rapacious and intimidatory conduct" in pursuing insolvency proceedings despite having received full payment under the Settlement Deed. The impugned order was set aside, the appeal allowed, and the Corporate Debtor released from CIRP.
NCLAT ruled that a Section 9 application filed by the Operational Creditor was non-maintainable as the majority of claimed defaults occurred during the COVID-19 protected period under Section 10A of IBC (March 15, 2020 to February 28, 2022). Following the Supreme Court's Ramesh Kymal precedent, defaults during this period cannot form the basis for CIRP initiation. After excluding these protected defaults, the remaining debt fell below the mandatory Rs. 1 Cr threshold required under Section 4. Additionally, the tribunal condemned the Operational Creditor's "rapacious and intimidatory conduct" in pursuing insolvency proceedings despite having received full payment under the Settlement Deed. The impugned order was set aside, the appeal allowed, and the Corporate Debtor released from CIRP.
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