https://www.taxtmi.com/caselaws?id=766953 NCLAT Principal Bench set aside Section 9 application filed by operational creditor against corporate debtor. The application was based on defaults occurring during COVID-19 prohibited period under Section 10A IBC (March 2020 to February 2022). Following SC precedent in Ramesh Kymal case, tribunal held no CIRP can be initiated for defaults during this protected period. After excluding defaults from prohibited period, remaining debt fell below mandatory Rs 1 crore threshold under Section 4 IBC, rendering application non-maintainable. Corporate debtor had already made complete payment per settlement deed. Appeal allowed, corporate debtor released from CIRP proceedings. en-us Wed, 05 Mar 2025 00:00:00 +0530 Fri, 07 Mar 2025 08:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766953 NCLAT Principal Bench set aside Section 9 application filed by operational creditor against corporate debtor. The application was based on defaults occurring during COVID-19 prohibited period under Section 10A IBC (March 2020 to February 2022). Following SC precedent in Ramesh Kymal case, tribunal held no CIRP can be initiated for defaults during this protected period. After excluding defaults from prohibited period, remaining debt fell below mandatory Rs 1 crore threshold under Section 4 IBC, rendering application non-maintainable. Corporate debtor had already made complete payment per settlement deed. Appeal allowed, corporate debtor released from CIRP proceedings. Case-Laws IBC Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766953