https://www.taxtmi.com/caselaws?id=446633 NCLAT Principal Bench ruled that Section 10A of IBC does not bar initiation of CIRP proceedings when default occurred prior to the Section 10A period and continued thereafter. The corporate debtor had defaulted on interest payments since 2018, before Section 10A came into effect. The Adjudicating Authority's finding that the Section 7 application was non-maintainable because the demand notice was dated February 2021 (during prohibited period) was held misconceived. Section 10A only prohibits proceedings for defaults committed during the pandemic period, not pre-existing defaults. The impugned order was set aside and appeal allowed. en-us Wed, 06 Dec 2023 00:00:00 +0530 Fri, 08 Dec 2023 08:55:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446633 NCLAT Principal Bench ruled that Section 10A of IBC does not bar initiation of CIRP proceedings when default occurred prior to the Section 10A period and continued thereafter. The corporate debtor had defaulted on interest payments since 2018, before Section 10A came into effect. The Adjudicating Authority's finding that the Section 7 application was non-maintainable because the demand notice was dated February 2021 (during prohibited period) was held misconceived. Section 10A only prohibits proceedings for defaults committed during the pandemic period, not pre-existing defaults. The impugned order was set aside and appeal allowed. Case-Laws Insolvency and Bankruptcy Wed, 06 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446633