2022 (10) TMI 1273

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....R. BARUN MITRA, MEMBER (TECHNICAL) For the Appellant : Mohd Nazim Khan, PCS along with Garmia K Watra. For the Respondent : None ORDER Heard Ld. PCS appearing for the Appellant. 2. This Appeal has been filed against the Order dated 17th August, 2022 passed by the National Company Law Tribunal, New Delhi, Bench-IV. By which Order, the Adjudicating Authority has rejected the Applicati....

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.... "7. We find that as per the terms and conditions of the Sale Agreement dated 27.08.2020 as relied by both the parties, as per clause 2 of the said Sale Agreement the schedule for payment agreed between the parties is presented overleaf:- 2) Second Party agreed to pay the entire amount to first party as per schedule mentioned hereinafter. S. No. Bank Name Date Mode of Paym....

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....of corporate insolvency resolution process. 10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25^th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this ....

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....led taking all amounts, cannot be accepted. The said submission goes contrary to the statutory scheme delineated by Section 10A proviso as noted above. When Appellant could not have filed the Application for the default which was committed, the Adjudicating Authority did not commit any error in rejecting the Application as barred by Section 10A of the Code. In so far as the last two default on 31s....