Section 7 CIRP Petition Barred as Default Fell Within COVID-19 Period

Raja Som Sehrawat Vs Optiemus Infracom Limited (NCLAT Delhi) The appeal before the National Company Law Appellate Tribunal, Delhi arose from dismissal of an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority (NCLT) had dismissed the application on the ground that the alleged default fell within the period barred by Section 10A of the IBC, which suspends initiation of insolvency proceedings for defaults occurring during the specified COVID-19 period. This was th...