https://www.taxtmi.com/caselaws?id=445590 The NCLAT dismissed an appeal challenging NCLT's admission of a Section 7 application for CIRP initiation. The appellant argued the application was barred under Section 10A of IBC since the loan recall notice was issued during the moratorium period. However, the tribunal held that admitted defaults of Rs.10,51,94,998/- existed prior to the Section 10A period until February 2020, exceeding the threshold limit. The tribunal clarified that Section 10A bars applications only when default occurs during the moratorium period, not when pre-existing defaults continue into that period. The appeal was dismissed as the application was not hit by Section 10A. en-us Mon, 06 Nov 2023 00:00:00 +0530 Sat, 11 Nov 2023 21:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445590 The NCLAT dismissed an appeal challenging NCLT's admission of a Section 7 application for CIRP initiation. The appellant argued the application was barred under Section 10A of IBC since the loan recall notice was issued during the moratorium period. However, the tribunal held that admitted defaults of Rs.10,51,94,998/- existed prior to the Section 10A period until February 2020, exceeding the threshold limit. The tribunal clarified that Section 10A bars applications only when default occurs during the moratorium period, not when pre-existing defaults continue into that period. The appeal was dismissed as the application was not hit by Section 10A. Case-Laws Insolvency and Bankruptcy Mon, 06 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445590