https://www.taxtmi.com/caselaws?id=445422 NCLAT Principal Bench allowed appeal against dismissal of CIRP application under Section 7. The Tribunal held that default date for guarantor is when guarantee is invoked, not original debtor's default. Since financial creditor invoked corporate guarantee in January 2022 by depositing security cheques and issuing notice, this constituted default date beyond the prohibited period under Section 10A of IBC, 2016. NCLAT directed Adjudicating Authority to hear and decide the application expeditiously, treating it as not covered by Section 10A provisions. en-us Tue, 31 Oct 2023 00:00:00 +0530 Wed, 08 Nov 2023 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445422 NCLAT Principal Bench allowed appeal against dismissal of CIRP application under Section 7. The Tribunal held that default date for guarantor is when guarantee is invoked, not original debtor's default. Since financial creditor invoked corporate guarantee in January 2022 by depositing security cheques and issuing notice, this constituted default date beyond the prohibited period under Section 10A of IBC, 2016. NCLAT directed Adjudicating Authority to hear and decide the application expeditiously, treating it as not covered by Section 10A provisions. Case-Laws Insolvency and Bankruptcy Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445422