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Corporate Insolvency Resolution Process begins due to payment default on 31/03/2020; earlier default date claim rejected.

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....Initiation of CIRP - Since it has been categorically covenanted that the payment had to be made on or before 31/03/2020, on failure to do so it would then be held to be in default. The date of default thus has to be construed only as 31/03/2020 and not otherwise. The contention of the Petitioner that the default has occurred on 31/07/2019 cannot be accepted. - Tri....

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Corporate Insolvency Resolution Process begins due to payment default on 31/03/2020; earlier default date claim rejected.