https://www.taxtmi.com/caselaws?id=408150 Section 10A of the Insolvency and Bankruptcy Code operated prospectively and barred only fresh insolvency filings for defaults occurring after 25.03.2020, so it did not stop a corporate insolvency resolution process already admitted before that date. The Section 12 and Regulation 40A timelines were treated as directory rather than mandatory, and mere delay did not make the process a nullity or prevent the resolution professional and committee of creditors from proceeding. The COVID-19 lockdown period was excluded under Regulation 40C as an extraordinary impediment, and the ongoing resolution process was permitted to continue without suspension. en-us Fri, 26 Mar 2021 00:00:00 +0530 Sat, 26 Oct 2024 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408150 Section 10A of the Insolvency and Bankruptcy Code operated prospectively and barred only fresh insolvency filings for defaults occurring after 25.03.2020, so it did not stop a corporate insolvency resolution process already admitted before that date. The Section 12 and Regulation 40A timelines were treated as directory rather than mandatory, and mere delay did not make the process a nullity or prevent the resolution professional and committee of creditors from proceeding. The COVID-19 lockdown period was excluded under Regulation 40C as an extraordinary impediment, and the ongoing resolution process was permitted to continue without suspension. Case-Laws IBC Fri, 26 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408150