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2023 (8) TMI 486 - AT - Insolvency and BankruptcyInitiation of CIRP - Financial Debt - Period of limitation - Assignment of debt in favour of the Petitioner - documentary evidence furnished with application show that a debt is due and payable and has not been paid by the corporate debtor or not - Applicability of Section 10A of IBC - HELD THAT:- In the instant case, it is an admitted fact and also recorded in the ‘Impugned Order’ that as per the Settlement Agreement entered into between the Corporate Debtor and the Lenders, the third instalment of the payment was ‘due and payable’ on 31.03.2020. The Hon’ble Apex Court in RAMESH KYMAL VERSUS M/S SIEMENS GAMESA RENEWABLE POWER PVT LTD. [2021 (2) TMI 394 - SUPREME COURT] concluded that the embargo in Section 10-A must receive a purposive construction which will advance the contention of the Learned Senior Counsel for Respondent No.2 that though the date of default is on 31.03.2020, Section 10-A will not be applicable is unsustainable in the light of the observations made by the Hon’ble Apex Court in the aforenoted Judgment. In the instant case, admittedly, the date of default is 31.03.2020 and the ratio of the Hon’ble Apex Court in Ramesh Kymal versus M/s. Siemens Gamesa Renewable Power Pvt. Ltd. regarding Section 10-A of the Code the object of which was sought to be achieved by enacting the Provision, is squarely applicable to the facts of this case. The Impugned Order is set aside and consequently the admission of the Section 7 Petition is also set aside Appeal allowed.
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