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TMI Blog2022 (1) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 whereby the Respondent had informed that they will settle the matter. However, they have not settled the matter, therefore, the Application before the 'Adjudicating Authority' (NCLT, Chennai) was filed. At this stage, this Tribunal has gone through the impugned order dated 07.04.2021 which reads as under: "Learned Counsel Mr. Neeraj Kumar for the Respondent is present. There is no representation for the Applicant. It is brought to the notice that outstanding amount as per the application is Rs. 84,55,550/-. The Application is filed by the Applicant on 15.09.2020. By notification dated 24.03.2020, the jurisdiction of the Adjudicating Authority has been raised from Rs. 1 lakh to Rs. 1 Crore. Hence the IBA/638/2020 is hereby dism ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stress caused by an unheralded public health crisis. It was cognizant of the fact that resolution applicants may not come forth to take up the process of the resolution of insolvencies (this as we have seen was referred to in the recitals to the Ordinance), which would lead to instances of the 'Corporate Debtor's going under liquidation and no longer remaining a going concern. This would go against the very object of the IBC, as has been noted by a two-Judge bench of this Court in its judgment in Swiss Ribbons (P) Ltd. v. Union of India7." 33. The date of the initiation of the CIRP is the date on which a financial creditor, operational creditor or corporate applicant makes an application to the adjudicating authority for initiating the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt for initiation of CIRP of 'Corporate Debtor' in respect of such default. The bar created is retrospective as the cut-off date has been fixed as 25th March, 2020 while the newly inserted Section 10A introduced through the Ordinance has come into effect on 5th June, 2020. The object of the legislation has been to suspend operation of Sections 7, 9 & 10 in respect of defaults arising on or after 25th March, 2020 i.e. the date on which Nationwide lockdown was enforced disrupting normal business operations and impacting the economy globally. Indeed, the explanation removes the doubt 19 by clarifying that such bar shall not operate in respect of any default committed prior to 25th March, 2020." Also this 'Tribunal' aptly points out that a cha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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