https://www.taxtmi.com/caselaws?id=755098 The NCLAT dismissed an appeal challenging rejection of a Section 7 application under IBC. The appellant's application was rejected as barred by Section 10A, which prohibits insolvency proceedings for defaults during the COVID protection period. The appellant attempted to amend the default date from 05.09.2020 (within Section 10A period) to 01.04.2021 without justifiable cause. The tribunal held that while amendments to Section 7 applications are permissible per SC precedent, changing the default date without proper justification would undermine Section 10A's protective purpose. The adjudicating authority correctly rejected both the amendment application and the Section 7 application. en-us Wed, 03 Jul 2024 00:00:00 +0530 Fri, 05 Jul 2024 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755098 The NCLAT dismissed an appeal challenging rejection of a Section 7 application under IBC. The appellant's application was rejected as barred by Section 10A, which prohibits insolvency proceedings for defaults during the COVID protection period. The appellant attempted to amend the default date from 05.09.2020 (within Section 10A period) to 01.04.2021 without justifiable cause. The tribunal held that while amendments to Section 7 applications are permissible per SC precedent, changing the default date without proper justification would undermine Section 10A's protective purpose. The adjudicating authority correctly rejected both the amendment application and the Section 7 application. Case-Laws Insolvency and Bankruptcy Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755098