Recall Notice Issued During Cut-Off Period U/S 10A Of IBC Doesn't Alter Date Of Default If Default Occurred Before Cut-Off Period: NCLAT
4 months, 3 weeks ago

Recall Notice Issued During Cut-Off Period U/S 10A Of IBC Doesn't Alter Date Of Default If Default Occurred Before Cut-Off Period: NCLAT

Live Law  

The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the issuance of a recall notice during the cut off period specified under Section 10A does not defer the date of default if the default occurred before 25.03.2020. The Tribunal noted that the recall notice issued during the cut off period was a procedural step that had no bearing on the initial default date because the default occurred well before the cut-off period. Observations: The issue before the Tribunal was whether the recall notice dated 06.11.2020 by which 15 days were given to the Corporate Debtor to pay off the defaulted amount was to be considered to be the date of default as 21.11.2020 to hold that the application filed under section 7 was hit by section 10A of IBC. The Tribunal observed that the Corporate Debtor cannot be permitted to take advantage of the fact that the Financial Creditor had issued a notice of recall which falls within the cut off period of Section 10A because the issuance of recall notice was on the occurrence of any of the events of default, which had already occurred in January.

Corporate Corporate Debtor Recall Tribunal Period Notice Default Ibc Section 7 Debtor Occurred Section 10A Recall Notice  tribunal  issued  corporate  period  occurred  recall  ibc  cutoff  doesnt  nclat  pvt  default  notice  debtor  mr

History of this topic

Proviso To S.10A Of IBC Doesn't Bar CIRP Applications Where Default Continues Beyond Moratorium Period: Madras High Court
1 month, 4 weeks ago

Proviso To S.10A Of IBC Doesn't Bar CIRP Applications Where Default Continues Beyond Moratorium Period: Madras High Court

Live Law  

The Madras High Court bench comprising Justice S.S. Sundar and Justice P. Dhanabal has held that the proviso to Section 10-A of the Insolvency and Bankruptcy Code does not extend to cases where the default continues beyond the moratorium period. Section 10-A bars an application for initiation of CIRP of a Corporate Debtor, for any default arising on or after …

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT
3 months, 2 weeks ago

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that when default has been committed by the Corporate Debtor prior to Section 10A period, any default committed during the Section 10A period cannot be held to bar the application which is filed on the basis of default prior to Section 10A and subsequent …

NCLT New Delhi: Date Of Default Or Pleadings Can Be Amended At Any Stage Of The Matter Under IBC
1 year, 3 months ago

NCLT New Delhi: Date Of Default Or Pleadings Can Be Amended At Any Stage Of The Matter Under IBC

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das and Shri Atul Chaturvedi allowed the application of the Applicant for amendment of the date of default and held that the amendment of pleadings in a Corporate Insolvency Resolution Process application filed under Section 7 of Insolvency and Bankruptcy Code can be done at any …

Applicability Of Section 10A, IBC To Part Default During Suspension Period ;An Analysis
1 year, 11 months ago

Applicability Of Section 10A, IBC To Part Default During Suspension Period ;An Analysis

Live Law  

On 5 June, 2020, the Government of India introduced Section 10A to the Insolvency and Bankruptcy Code, 2016 by the way of an ordinance which barred filing of any application for initiation of CIRP for default occuring during a certain period. Section 10A, IBC And Court’s Interpretation Section 10A of IBC, 2016 states that no application for the initiation of …

Benefit U/S 10A Of IBC Can Only Be Claimed When Default Occurs During Prohibited Period: NCLAT Delhi
2 years, 1 month ago

Benefit U/S 10A Of IBC Can Only Be Claimed When Default Occurs During Prohibited Period: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Vishal Agarwal v ICICI Prudential Real Estate AIF-I & Anr., has held that benefit under Section 10A of IBC can only be claimed when there is clear default during the prohibited period. Notwithstanding anything contained in sections …

Monthly Digest Of IBC Cases: July 2022
2 years, 7 months ago

Monthly Digest Of IBC Cases: July 2022

Live Law  

Supreme Court NCLT Not A Debt Collection Forum ; Operational Creditor's Application To Initiate CIRPMust Be Dismissed If The Debt Is Disputed: Supreme Court Case Title: SS Engineers vs Hindustan Petroleum Corporation Ltd Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file …

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]
4 years, 8 months ago

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]

Live Law  

The National Company Law Tribunal, Chennai Bench has ruled that Section 10A of the Insolvency and Bankruptcy Code, 2016, which bars the initiation of insolvency proceedings against a defaulter, will be applicable to pending applications with respect to defaults arising on or after March 25. "The date of filing cannot determine the rights of the parties in view of the …

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