Mani Gupta Vs HDFC Bank Ltd. & Anr (NCLAT Delhi)
NCLAT Delhi held that application under section 7 of the Insolvency and Bankruptcy Code [IBC] is duly admissible since default occurred subsequent to section 10A period. Accordingly, order upheld and appeal dismissed.
Facts- This appeal is directed against the order dated 30.11.2023 by which an application filed by HDFC Bank Limited (Financial Creditor) against M/s Moutain Meadow Holidays Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been admitted and Umesh Gupta was appointed as the Interim Resolution Professional. The appeal has been filed by Mani Gupta, suspended director of the CD. It is mainly contested that the application under section 7 was barred by section 10A.
Conclusion- This Court in the case of Harish Raghavij Patel has held that it is well settled that when default is committed during Section 10A period and subsequent to Section 10A period, application is fully maintainable for any default subsequent to Section 10A period. The Application under Section 7 being filed for default which was on basis of default occurred subsequent to Section 10A period, we are of the view that application was not hit by Section 10A.
