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2023 (11) TMI 313 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIDismissal of application for initiation of CIRP - time limitation under Section 61(2) of the IBC, 2016 - default occurred in the period excluded as per the provisions of Section 10A of the IBC, 2016 - invocation of Corporate Guarantee - HELD THAT:- In the Judgement of this Tribunal in the case of VIKRAM KUMAR, PROPRIETOR VERSUS ARANCA (MUMBAI) PRIVATE LIMITED [2023 (11) TMI 51 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI], it was held that the date of default in the case of the Guarantor is the date on which the Guarantee was invoked. By its action of depositing the security cheques and issue of Notice dated 31.01.2022, the Financial Creditor, the Appellant herein, is deemed to have invoked the Corporate Guarantee in the month of January, 2022, which is to be considered as the date of default, and which lies beyond the period prohibited under Section 10A of the IBC, 2016. In the light of the detailed discussion, it is concluded that the date of default lies beyond the prohibited period prescribed under Section 10A of the IBC, 2016. The Adjudicating Authority is directed to hear and decide the Application of the Financial Creditor under Section 7 by treating it as a case not covered by the provisions of Section 10A of the IBC, 2016. Considering the loss of time, it is expected that the said Application will be decided by the Adjudicating Authority expeditiously - appeal allowed.
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