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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.
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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