https://www.taxtmi.com/caselaws?id=755339 NCLAT allowed SIDBI's appeal against the corporate debtor for initiation of CIRP under Section 7 of IBC. The respondent had defaulted on loan instalments and admitted to the debt and default post-September 2020. The tribunal held that each missed instalment constitutes a fresh default, and despite Section 10A bar, fresh defaults occurring after the suspension period (post-25.03.2021) justified insolvency proceedings. The respondent's admission of debt and acknowledgment that CIRP would be beneficial supported the appellant's case. The application for CIRP was ordered to be admitted. en-us Fri, 05 Jul 2024 00:00:00 +0530 Wed, 10 Jul 2024 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755339 NCLAT allowed SIDBI's appeal against the corporate debtor for initiation of CIRP under Section 7 of IBC. The respondent had defaulted on loan instalments and admitted to the debt and default post-September 2020. The tribunal held that each missed instalment constitutes a fresh default, and despite Section 10A bar, fresh defaults occurring after the suspension period (post-25.03.2021) justified insolvency proceedings. The respondent's admission of debt and acknowledgment that CIRP would be beneficial supported the appellant's case. The application for CIRP was ordered to be admitted. Case-Laws Insolvency and Bankruptcy Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755339