https://www.taxtmi.com/caselaws?id=456243 The NCLAT dismissed an appeal challenging rejection of a Section 7 IBC application by a financial creditor. The corporate debtor argued the application was barred by Section 10A, which prohibits filing applications for defaults occurring between 25th March 2020 to 25th March 2021. The NCLAT held that Section 10A has no application when proceedings are initiated for defaults occurring after the prohibited period. Since the financial creditor's application was based on default dated 31st March 2021 and thereafter, it was not hit by Section 10A. The Adjudicating Authority correctly rejected the debtor's objection. en-us Tue, 09 May 2023 00:00:00 +0530 Tue, 09 Jul 2024 19:57:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456243 The NCLAT dismissed an appeal challenging rejection of a Section 7 IBC application by a financial creditor. The corporate debtor argued the application was barred by Section 10A, which prohibits filing applications for defaults occurring between 25th March 2020 to 25th March 2021. The NCLAT held that Section 10A has no application when proceedings are initiated for defaults occurring after the prohibited period. Since the financial creditor's application was based on default dated 31st March 2021 and thereafter, it was not hit by Section 10A. The Adjudicating Authority correctly rejected the debtor's objection. Case-Laws Insolvency and Bankruptcy Tue, 09 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456243