Suspension of initiation of corporate insolvency resolution process  [Section 10A ]

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..... ency and Bankruptcy Code (Amendment) Ordinance, 2020, on June 5, 2020, to exclude defaults arising from the impact of the pandemic and the nationwide lockdown for the purposes of insolvency proceedings. This was subsequently replaced by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 which was notified on September 23, 2020 (having effect from June 5, 2020). The ordinan .....

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..... the CD, as the case may be. Section 4 of the IBC provides that Part II of the IBC (which deals with the CIRP and liquidations) shall apply to matters relating to the insolvency and liquidation of CDs where the minimum amount of the default is Rs. 100,000/-. The Central Government may, by notification, specify a higher minimum amount, but it shall not be more than Rs. 1 Crore . .....

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..... mesa Renewable Power Pvt. Ltd . SC dated 09.02.2021], The Supreme Court held that the substantive part of Section 10A is to be construed harmoniously with the first proviso and the explanation. Reading the provisions together, it is evident that Parliament intended to impose a bar on the filing of applications for the commencement of CIRP in respect of a CD for a default o .....

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