https://www.taxtmi.com/caselaws?id=798274 Section 10A permanently bars initiation of CIRP for defaults arising during its protected period. Under Section 3(12), a cash credit debt repayable on demand cannot constitute default unless it is due and presently payable; deferred interest recovery and the absence of a prior demand prevent reliance on an earlier asserted default date. For an ad-hoc cash credit facility adjustable within 90 days, excluding the availment date under the General Clauses Act places the earliest default within the protected period. Although amendment of a Section 7 application is permissible, substituted default dates require record support, and unpleaded later demand, recall, or non-payment events cannot create an alternative basis for CIRP. en-us Tue, 01 Sep 2026 00:00:00 +0530 Fri, 04 Sep 2026 08:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798274 Section 10A permanently bars initiation of CIRP for defaults arising during its protected period. Under Section 3(12), a cash credit debt repayable on demand cannot constitute default unless it is due and presently payable; deferred interest recovery and the absence of a prior demand prevent reliance on an earlier asserted default date. For an ad-hoc cash credit facility adjustable within 90 days, excluding the availment date under the General Clauses Act places the earliest default within the protected period. Although amendment of a Section 7 application is permissible, substituted default dates require record support, and unpleaded later demand, recall, or non-payment events cannot create an alternative basis for CIRP. Case-Laws IBC Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798274