https://www.taxtmi.com/caselaws?id=761146 The NCLAT dismissed an appeal challenging admission of a Section 7 petition under IBC 2016. The appellant argued that default occurred on 21.11.2020 (after recall notice), falling within Section 10A's moratorium period (25.03.2020 to 25.03.2021), making the petition inadmissible. The NCLAT held that actual default occurred in January 2020 when monthly installments weren't paid as scheduled, with the recall notice being merely a procedural consequence of pre-existing default. Since default preceded the Section 10A cut-off period, the moratorium didn't apply and the petition was validly admitted. en-us Tue, 05 Nov 2024 00:00:00 +0530 Tue, 05 Nov 2024 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761146 The NCLAT dismissed an appeal challenging admission of a Section 7 petition under IBC 2016. The appellant argued that default occurred on 21.11.2020 (after recall notice), falling within Section 10A's moratorium period (25.03.2020 to 25.03.2021), making the petition inadmissible. The NCLAT held that actual default occurred in January 2020 when monthly installments weren't paid as scheduled, with the recall notice being merely a procedural consequence of pre-existing default. Since default preceded the Section 10A cut-off period, the moratorium didn't apply and the petition was validly admitted. Case-Laws IBC Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761146