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Tribunal Rules Section 7 Application Valid as Guarantee Invoked Pre-Section 10A Period, Insolvency Proceedings Allowed.

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....Admission of Section 7 application filed by the Financial Creditor - invocation of guarantee - application filed by the Financial Creditor is barred by Section 10A of IBC or not - The NCLAT found that the invocation of the guarantee on 22.02.2020, which preceded the 10A period, allowed for the initiation of insolvency proceedings under Section 7. Therefore, the tribunal held that Section 10A did not bar the application.....

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Tribunal Rules Section 7 Application Valid as Guarantee Invoked Pre-Section 10A Period, Insolvency Proceedings Allowed.