https://www.taxtmi.com/caselaws?id=310701 Section 10A of the Insolvency and Bankruptcy Code does not bar a section 7 application where the operative default arose before 25 March 2020. The underlying debt had been in default since 2016, the account was classified as NPA, and the corporate debtor later acknowledged the liability in subsequent financial years. A later one-time settlement arrangement did not change the position, because non-performance of that settlement did not move the case within the statutory protection for post-cut-off defaults. The insolvency petition was therefore maintainable, and admission of the application was upheld. en-us Fri, 18 Aug 2023 00:00:00 +0530 Tue, 07 Nov 2023 21:48:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310701 Section 10A of the Insolvency and Bankruptcy Code does not bar a section 7 application where the operative default arose before 25 March 2020. The underlying debt had been in default since 2016, the account was classified as NPA, and the corporate debtor later acknowledged the liability in subsequent financial years. A later one-time settlement arrangement did not change the position, because non-performance of that settlement did not move the case within the statutory protection for post-cut-off defaults. The insolvency petition was therefore maintainable, and admission of the application was upheld. Case-Laws Insolvency and Bankruptcy Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310701