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        IBC

        NCLAT upheld dismissal of Section 7 application as barred under...

        Corporate Lender's Guarantee Claim Rejected During Insolvency Moratorium, Fresh Application Permitted for Post-Moratorium Defaults

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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.
                                NCLAT upheld dismissal of Section 7 application as barred under Section 10A of IBC, 2016. The tribunal found that IDBI Bank's guarantee invocation on 05.03.2021 falls within the moratorium period. The court interpreted guarantee deed clauses 7-11 as enabling lender's right to invoke guarantee, with clause 25 not rendering prior clauses unworkable. While affirming the adjudicating authority's order, NCLAT granted liberty to file fresh Section 7 application for defaults post 24.03.2021. The appeal was disposed of, maintaining the original order's rejection of insolvency proceedings during the statutory moratorium period.
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