https://www.taxtmi.com/caselaws?id=774419 NCLAT allowed appeal challenging dismissal of Section 7 application for CIRP initiation. The case involved corporate guarantee invocations during COVID-19 moratorium period under Section 10A IBC. NCLAT held that multiple invocations of continuing guarantees are permissible where first invocation on 05.03.2021 was limited in scope covering only working capital and term loan facilities. Second invocation on 09.12.2022 included broader liabilities like non-fund based exposures and treasury dues, made after Section 10A period ended. Since Section 7 application filed on 11.01.2023 was based on second invocation with updated computation, it was not barred by Section 10A moratorium provisions. en-us Thu, 03 Jul 2025 00:00:00 +0530 Sat, 05 Jul 2025 13:55:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774419 NCLAT allowed appeal challenging dismissal of Section 7 application for CIRP initiation. The case involved corporate guarantee invocations during COVID-19 moratorium period under Section 10A IBC. NCLAT held that multiple invocations of continuing guarantees are permissible where first invocation on 05.03.2021 was limited in scope covering only working capital and term loan facilities. Second invocation on 09.12.2022 included broader liabilities like non-fund based exposures and treasury dues, made after Section 10A period ended. Since Section 7 application filed on 11.01.2023 was based on second invocation with updated computation, it was not barred by Section 10A moratorium provisions. Case-Laws IBC Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774419