Initiation of CIRP - There being categorical default by the ...

Case Laws Insolvency and Bankruptcy

December 8, 2023

Initiation of CIRP - There being categorical default by the Respondent prior to Section 10A period, the Corporate Debtor was clearly not entitled to claim the benefit of Section 10A period. Since the liability to pay interest arose prior to Section 10A period since the default was committed prior to Section 10A period, we are of the considered opinion that the view taken by the Adjudicating Authority that the Section 7 application being premised on a letter calling for loan repayment which was dated 01.02.2021 and this date falling during the prohibited period under Section 10A renders the petition non-maintainable is misconceived and untenable in the eyes of law. - AT

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Initiation of CIRP - There being categorical default by the ...

Case Laws Insolvency and Bankruptcy

December 8, 2023

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