Default continued beyond moratorium period not covered u/s. 10-A of IBC: Madras HC

Dharamshi K.Patel Vs Indian Bank (Madras High Court) Madras High Court held that Section 10-A of the Insolvency and Bankruptcy Code, 2016 cannot be extended to cases where default continued beyond moratorium period. Hence, application under section 7 for initiation of CIRP acceptable. Facts- The Company/Corporate Debtor, namely Evershine Wood Packaging Private Limited is carrying on business of timber and availed various credit facilities with M/s.Indian Bank from the year 2017. The Corporate Debtor signed the Demand Promissory Note, Letter of Continuity, Agreement of Guarantee etc. The Corpor...