https://www.taxtmi.com/caselaws?id=752574 A Section 7 insolvency application was examined against the Section 10A bar under the Insolvency and Bankruptcy Code, 2016. The Tribunal treated 14.02.2020, the date the account was declared NPA, as the date of default because that date was expressly recorded in the Section 7 application and consistently relied on in SARFAESI proceedings. Renewal of the working capital limit up to 25.07.2020 was held to be only a renewal of the sanctioned facility and not a postponement of default. Section 10A was therefore not attracted, and admission of the insolvency application was upheld. en-us Tue, 07 May 2024 00:00:00 +0530 Mon, 13 May 2024 22:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752574 A Section 7 insolvency application was examined against the Section 10A bar under the Insolvency and Bankruptcy Code, 2016. The Tribunal treated 14.02.2020, the date the account was declared NPA, as the date of default because that date was expressly recorded in the Section 7 application and consistently relied on in SARFAESI proceedings. Renewal of the working capital limit up to 25.07.2020 was held to be only a renewal of the sanctioned facility and not a postponement of default. Section 10A was therefore not attracted, and admission of the insolvency application was upheld. Case-Laws Insolvency and Bankruptcy Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752574