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

Supreme Court Upholds Rejection of Section 7 Application; Section 10A IBC Bars Insolvency for COVID Period Defaults.

July 6, 2024

Case Laws Insolvency and Bankruptcy AT

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.

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

Supreme Court Upholds Rejection of Section 7 Application; Section 10A IBC Bars Insolvency for COVID Period Defaults.

July 6, 2024

Case Laws Insolvency and Bankruptcy AT

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