Whether an application for initiation of CIRP of a Corporate Debtor in respect of default committed after 25.03.2020 but filed before 05.06.2020 would be maintainable in view of the express bar created by the Section 10A – Ramesh Kymal Vs. M/s. Siemens Gamesa Renewable Power Private Limited – NCLAT New Delhi
Whether the amending provision of Section 10A introduced in the Code providing for suspension of initiation of CIRP at the instance of a Financial Creditor, an Operational Creditor or a Corporate Person would be applicable, for any default arising on or after 25th March, 2020 for the specified period of six months or any extended period not exceeding one year as may be notified to applications filed post 25th March, 2020 and if so what would happen to an application filed by a Financial Creditor, an Operational Creditor or a Corporate Person who has preferred such application for the said default on or after 25th March, 2020 and before promulgation of Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 on 5th June, 2020. NCLAT held that be it seen that in Form-5 i.e. the application to the Adjudicating Authority as also in Form-3 i.e. Demand Notice, the Appellant- Operational Creditor has specified 30th April, 2020 as the date of default which clearly goes beyond the cut-off date. Therefore, the Adjudicating Authority was perfectly justified in rejecting the application under Section 9 of the ‘I&B Code’ at the instance of Appellant- Operational Creditor as the default has occurred after the cut-off date and the bar imposed under Section 10A was clearly attracted. In view of the forgoing discussion, the appeal is However, there shall be no order as to cost.
