Case Law Details
Plus Corporate Ventures Pvt. Ltd Vs Transnational Growth Fund Ltd (NCLAT Delhi)
NCLAT held that When we look into the proviso to Section 10A, the expression is ‘provided that no Application shall ever be filed for initiation of CIRP of a Corporate Debtor for the said default occurring during the said period’ thus default which has been committed from 16.09.2020 to 28.02.2021, no Application could have ever been filed. The Appellant’s submission that cumulatively application can be filed taking all amounts, cannot be accepted. The said submission goes contrary to the statutory scheme delineated by Section 10A proviso as noted above. When Appellant could not have filed the Application for the default which was committed, the Adjudicating Authority did not commit any error in rejecting the Application as barred by Section 10A of the Code. In so far as the last two default on 31st March, 2021 and 30th April, 2021 is concerned, the Adjudicating Authority has noticed that the total amount of the aforesaid two defaults is only Rs. 37,50,000/- which is below the threshold as provided under Section 4 of the Code.
NCLAT further held that no error has been committed in rejecting the Application filed under Section 9 of the Code.
FULL TEXT OF THE NCLAT JUDGMENT/ORDER
Heard Ld. PCS appearing for the Appellant.
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