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2022 (7) TMI 48 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The Financial Creditor has indicated the last date of payment as 21st August 2020. Further, the table showing the computation of the amount claimed to be in default and days of default annexed to the Petition as “Exhibit D” clearly displays the date of default as 31st December 2020. It is pertinent to note that vide IBC (Second Amendment) Act 17 of 2020, the Insolvency and Bankruptcy Code, 2016 was amended and Section 10A was inserted to the Code where provisions regarding Suspension of initiation of corporate insolvency resolution process are detailed - This suspension was further extended by subsequent Notifications issued by the Ministry of Corporate Affairs until 25th March 2021. Since the date of Default falls within the said time period of suspension, this Petition is barred by Section 10A of the Code. Even though an “Event of Default” as stipulated under the terms of the Agreement dated 10th October 2018 has occurred, the filing of this Petition is expressly barred by Section 10A of the Code. Petition dismissed.
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