https://www.taxtmi.com/caselaws?id=751960 The NCLAT dismissed an appeal challenging initiation of CIRP proceedings. The appellant claimed default occurred on 28.02.2020 (payable 01.03.2020) for cash credit facility interest payments. The tribunal held that Section 10A of IBC, introduced during COVID-19, prohibited CIRP initiation for defaults occurring from 25.03.2020 onwards. Additionally, RBI moratorium guidelines effective 01.03.2020 provided relief to borrowers. The court found the respondent was covered under RBI guidelines and subsequently under Section 10A protection. The appellant could not establish valid default grounds for CIRP initiation given the regulatory framework and pandemic-related protections available to corporate debtors during the specified period. en-us Tue, 23 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 06:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751960 The NCLAT dismissed an appeal challenging initiation of CIRP proceedings. The appellant claimed default occurred on 28.02.2020 (payable 01.03.2020) for cash credit facility interest payments. The tribunal held that Section 10A of IBC, introduced during COVID-19, prohibited CIRP initiation for defaults occurring from 25.03.2020 onwards. Additionally, RBI moratorium guidelines effective 01.03.2020 provided relief to borrowers. The court found the respondent was covered under RBI guidelines and subsequently under Section 10A protection. The appellant could not establish valid default grounds for CIRP initiation given the regulatory framework and pandemic-related protections available to corporate debtors during the specified period. Case-Laws Insolvency and Bankruptcy Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751960