https://www.taxtmi.com/caselaws?id=765525 In a Section 7 insolvency proceeding, the date of default may be amended before final disposal where clarification or correction is required, because such an application is not treated like a civil plaint. The Tribunal upheld the amended default date on the basis that the restructuring sanctioned in March 2020 did not cure the existing default, as the restructuring conditions were not met. It further held that the account had been treated as NPA from 01.11.2019 and the default date of 02.08.2019 fell outside the Section 10A protected period, so the pandemic-related bar did not apply. The admission order was therefore found to be sustainable. en-us Mon, 09 Dec 2024 00:00:00 +0530 Sat, 01 Feb 2025 12:29:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765525 In a Section 7 insolvency proceeding, the date of default may be amended before final disposal where clarification or correction is required, because such an application is not treated like a civil plaint. The Tribunal upheld the amended default date on the basis that the restructuring sanctioned in March 2020 did not cure the existing default, as the restructuring conditions were not met. It further held that the account had been treated as NPA from 01.11.2019 and the default date of 02.08.2019 fell outside the Section 10A protected period, so the pandemic-related bar did not apply. The admission order was therefore found to be sustainable. Case-Laws IBC Mon, 09 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765525