https://www.taxtmi.com/caselaws?id=283825 An amendment introducing a special-resolution requirement under section 10(3)(c) of the Insolvency and Bankruptcy Code was treated as a new pre-filing condition that imposed a fresh burden and therefore operated prospectively. It was held not to apply to a section 10 petition filed before the amendment commenced. On the facts, the petition showed financial debt and default, was otherwise complete, and pending SARFAESI proceedings did not bar initiation of corporate insolvency proceedings because the Code prevails. With the special-resolution objection rejected, the petition was admitted, an interim resolution professional was appointed, and moratorium followed. en-us Thu, 23 Aug 2018 00:00:00 +0530 Wed, 16 Oct 2019 10:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283825 An amendment introducing a special-resolution requirement under section 10(3)(c) of the Insolvency and Bankruptcy Code was treated as a new pre-filing condition that imposed a fresh burden and therefore operated prospectively. It was held not to apply to a section 10 petition filed before the amendment commenced. On the facts, the petition showed financial debt and default, was otherwise complete, and pending SARFAESI proceedings did not bar initiation of corporate insolvency proceedings because the Code prevails. With the special-resolution objection rejected, the petition was admitted, an interim resolution professional was appointed, and moratorium followed. Case-Laws Insolvency and Bankruptcy Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283825