https://www.taxtmi.com/caselaws?id=449051 The NCLAT dismissed an appeal challenging admission of a Section 7 IBC application. The Corporate Debtor argued the application was barred under Section 10A, claiming default occurred on 25.08.2020, after the Section 10A suspension period began on 25.03.2020. However, the NCLAT found clear acknowledgement by the Corporate Debtor of Rs.64,04,90,697/- due as on 19.02.2020, prior to the Section 10A period. The tribunal held that when default occurs before the Section 10A period, applications cannot be barred. The Adjudicating Authority correctly accepted the default date as 15.12.2021 and properly admitted the application, rejecting the Corporate Debtor's attempts to avoid liability under the loan agreement. en-us Mon, 29 Jan 2024 00:00:00 +0530 Mon, 05 Feb 2024 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449051 The NCLAT dismissed an appeal challenging admission of a Section 7 IBC application. The Corporate Debtor argued the application was barred under Section 10A, claiming default occurred on 25.08.2020, after the Section 10A suspension period began on 25.03.2020. However, the NCLAT found clear acknowledgement by the Corporate Debtor of Rs.64,04,90,697/- due as on 19.02.2020, prior to the Section 10A period. The tribunal held that when default occurs before the Section 10A period, applications cannot be barred. The Adjudicating Authority correctly accepted the default date as 15.12.2021 and properly admitted the application, rejecting the Corporate Debtor's attempts to avoid liability under the loan agreement. Case-Laws Insolvency and Bankruptcy Mon, 29 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449051