https://www.taxtmi.com/caselaws?id=759909 NCLAT held that an application under Section 54C of IBC cannot take precedence over an earlier Section 7 application filed before the 2021 Amendment Act's enforcement. The Section 7 application was filed on 09.12.2020, while the Section 54C application was filed on 04.09.2022, well after the 14-day window. Section 11A(4) bars precedence for Section 54C applications when Section 7 applications were pending before the 2021 Amendment's commencement on 04.04.2021. The Tribunal's order initiating PPIRP under Section 54C was set aside as patently illegal. Appeal allowed. en-us Mon, 22 Jul 2024 00:00:00 +0530 Thu, 10 Oct 2024 15:58:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759909 NCLAT held that an application under Section 54C of IBC cannot take precedence over an earlier Section 7 application filed before the 2021 Amendment Act's enforcement. The Section 7 application was filed on 09.12.2020, while the Section 54C application was filed on 04.09.2022, well after the 14-day window. Section 11A(4) bars precedence for Section 54C applications when Section 7 applications were pending before the 2021 Amendment's commencement on 04.04.2021. The Tribunal's order initiating PPIRP under Section 54C was set aside as patently illegal. Appeal allowed. Case-Laws IBC Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759909