Section 7 application admissible as default occurred beyond outer limit of section 10A of IBC

Gangadhar A. Kotian Suspended Director of Bombay Rayon Clothing Ltd Vs Catalyst Trusteeship Ltd (NCLAT Delhi)

NCLAT Delhi held that default occurred on 25^th March 2023 which is well beyond the outer limit of section 10A of the Insolvency and Bankruptcy Code, 2016 which squarely brings the claim within the permissible scope of Section 7 of the IBC. Thus, admission of section 7 application justified.

Facts- The present appeal filed under Section 61(1) of Insolvency and Bankruptcy Code 2016  by the Appellant arises out of the Order dated 24.04.2025

Please become a Premium member. If you are already a Premium member, login here to access the full content.