IBC - Initiation of CIRP - shadow period - NCLT admitted the application...

Insolvency and Bankruptcy

Initiation of CIRP - shadow period - NCLT admitted the application u/s 7 - The Appellant cannot fall back upon the ingredients of Section 10A of the I & B Code, 2016, because of the fact that the Date of Default (Non Performing Asset), in the instant case on hand, was on 31.03.2017. In this connection, it is not out of place to this Tribunal, to make a pertinent mention that the 1st Respondent / Bank (Financial Creditor), filed under Section 7 Application, under the I & B Code, 2016, before the Adjudicating Authority, on 03.10.2018. As such, the contra plea, taken on behalf of the Appellant, is unworthy of acceptance. - AT

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