As per Section 10A, no IBC proceedings can be initiated against a Corporate Debtor for the default which has occurred between the period from 25/03/2020 till 24/03/2021 – Yes Bank Ltd. Vs. Privilege Industries Ltd. – NCLT Mumbai Bench
The Adjudicating Authority held that because of insertion of Sec 10A in IBC as mentioned above, this case is clearly attracted by the provisions of Sec 10A as the date of default in this case is 01/10/2020. As per Sec 10A, no IBC proceedings can be initiated against the Corporate Debtor for the default which has occurred between the period from 25/03/2020 till 24/03/2021, keeping in view of the extended period of Sec 10A, the application filed by the Operational Creditor against the Corporate Debtor cannot succeed and is hereby dismissed with a liberty granted to the Operational Creditor to pursue his case before the appropriate forum.
