Suspension of initiation of CIRP applies to date of default

Carissa Investments LLC Vs Indu Techzone Pvt. Ltd. (NCLAT Chennai) NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10A of the Insolvency and Bankruptcy Code, 2016 applies to date of default i.e. 31.03.2020. Facts- The appellant has challenged the impugned order passed by the Adjudicating Authority which was filed by M/s. Prudent ARC Limited u/s. 7 of the Insolvency and Bankruptcy Code, 2016 [‘Code’]. The Adjudicating Authority had admitted Section 7 Application formulating The Appellant, shareholder and the Cor...