Fresh Application Liberty Doesn’t Allow Changing Default Date in Sec. 7 IBC Application

Rolta Pvt. Ltd. Vs Varanium Cloud Ltd. (NCLAT Delhi) Conclusion: Merely the fact that the liberty was given to the Appellant by the court and he failed to pursue the first appeal filed against the order dated 10.04.2023 did not mean that the Appellant could change the date of default at its convenience. It was obliged to use the original application, citing 04.02.2021 as the date of default, even though they knew it was within the Section 10A cut-off period, making the Section 7 application unmaintainable. Held: Appellant had distributed out a loan of Rs. 1.5 Cr. to the corporate debtor/respon...