Srei Equipment Finance Limited Vs Coronation Infrastructure Private Limited (NCLT Delhi)
NCLT Delhi held that the default occurred after Section 10A of Insolvency and Bankruptcy Code, 2016 [IBC], can very well be made a basis for an application under Section 7 of IBC, 2016. Accordingly, application for CIRP meeting requirement of the provisions of Sec. 7(3) & (5) of IBC is admitted.
Facts- Vide the present application, the applicant has sought commencement of CIRP qua the Corporate Debtor. the case of the applicant set up in the application preferred under section 7 of Insolvency and Bankruptcy Code [IBC] is that the corporate debtor committed default in repaying the amount of debt.
Conclusion- Though, there is objection raised on behalf of the Respondent that the application for correctly calculated amount should be filed separately and such plea may be plausible, but when it is not in dispute that certain amount could fell due and payable by the CD after 25.03.2021, merely for technical reason it may not be proper to reject the present petition and to ask the Applicant to file fresh petition for the amount which could fell due after the period covered by Section 10A of IBC, 2016. The amount calculated by the Applicant as payable is on account of principal outstanding and over due charges. In Vinod Kumar vs. Omkara Asset Reconstruction Pvt. Ltd. & Anr. in Company Appeal (AT) (Insolvency) No. 2265 of 2024, Hon’ble NCLAT viewed that the default occurred after Section 10A of IBC, 2016, can very well be made a basis for an application under Section 7 of IBC, 2016.
