Section 7 application rejected as barred by Section 10A of IBC. ...

Section 7 application rejected due to Section 10A bar on filing for COVID defaults. Amending pleadings allowed, but changing default date sans justification prohibited.

Case Laws Insolvency and Bankruptcy

July 6, 2024

Section 7 application rejected as barred by Section 10A of IBC. Supreme Court held no bar in amending pleadings or filing additional documents u/s 7, but present case involved changing default date without justification. Section 10A provides protection to corporate debtor during COVID period, which cannot be circumvented indirectly. Adjudicating Authority rightly rejected amendment application and Section 7 application as barred by Section 10A, which prohibits filing applications for defaults during the specified period. Argument of continuous default rejected. Appeal dismissed by NCLAT.

View Source

← Previous Next →

Section 7 application rejected as barred by Section 10A of IBC. ...

Section 7 application rejected due to Section 10A bar on filing for COVID defaults. Amending pleadings allowed, but changing default date sans justification prohibited.

Case Laws Insolvency and Bankruptcy

July 6, 2024

You may also like:

Admission of Section 9 application filed by Operational Creditor - time limitation - Section 10A of IBC - The Tribunal found that apart from the lease rental of April...

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...

Initiation of CIRP - Period of limitation - Date of default - breach of guarantee - The application u/s 7 was filed on the basis of breach of guarantee and inability of...

Initiation of CIRP - Application barred by time limitation or not - The acknowledgement made by the Principal Borrower within three years’ period from the date of...

Initiation of CIRP - authentication of default - there are no substance in the submission of the Appellant that since Financial Creditor has not filed the record of...

Rejection of claims which are delayed - When an Application under Section 7 cannot be entertained for a debt, which is barred by time and is liable to be rejected, any...

Admissibility of Section 7 application - The date of default which is mentioned in the tabular form cannot be ignored it is clear that there was default of more than...

CIRP - Admission of Section 7 application - The tribunal meticulously assessed evidence, including correspondence, loan agreements, and bank statements, to determine the...

Insolvency process - Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code - The right to sue accrues when a default occurs. If the...

Initiation of CIRP - The burden of prima facie proving occurrence of the default and that the application filed under Section 7 of the Code is within the period of...

Rejection of application filed under the Amnesty Scheme - the State's appeal would be rendered infructuous on a settlement arrived at under Section 31A is an inevitable...

Admission of section 7 application - financial debt owed by the Corporate Debtor or not - Home Buyers - The application was filed by respondents, who were allottees in a...

Section 7 application filed by the Financial Creditor was erroneously rejected by the Adjudicating Authority despite debt and default by the Corporate Debtor. The...

Seeking dismissal of the application filed under Section 7 of the IBC - barred by limitation or not - The date of declaration of the loan account as NPA is 31.05.2011. -...

Seeking withdrawal of application for initiation of CIRP - On a bare reading of the provision of section 7(5) clauses (a) and (b) it is amply clear that the Adjudicating...

Quick Updates: