The appeal was filed against the order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-V dated 05.04.2022, which dismissed the Appellant's application under Section 10 of the I&B Code on the ground that it was barred by Section 10A of the I&B Code. The Appellant contended that the default occurred before the enforcement of Section 10A, specifically before 25.03.2020.
ADA Restaurant and Foods Pvt. Ltd. filed an application under Section 10 of the I&B Code. The Adjudicating Authority (National Company Law Tribunal), New Delhi, dismissed the application, citing that it was barred by Section 10A of the I&B Code. The Appellant claims the default occurred before 25.03.2020, prior to the enforcement of Section 10A. The debt in default was incurred by the Corporate Applicant on an account basis and has been continuing since March 2019. The cumulative amount of debt and its default is more than one crore rupees. An amount of Rs.1,42,52,186/- became due and payable in February 2020. The Appellant submitted that as per the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 dated 5.6.2020, if the default to the extent of
…Sign in to view the parties.
The debt in default was incurred by the…
An amount of Rs.1,42,52,…
The appeal was filed against the order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-V dated 05.04.2022, which dismissed the Appellant's application under Section 10 of the I&B Code on the ground that it was barred by Section 10A of the I&B Code. The Appellant contended that the default occurred before the enforcement of Section 10A, specifically before 25.03.2020.
ADA Restaurant and Foods Pvt. Ltd. filed an application under Section 10 of the I&B Code. The Adjudicating Authority (National Company Law Tribunal), New Delhi, dismissed the application, citing that it was barred by Section 10A of the I&B Code. The Appellant claims the default occurred before 25.03.2020, prior to the enforcement of Section 10A. The debt in default was incurred by the Corporate Applicant on an account basis and has been continuing since March 2019. The cumulative amount of debt and its default is more than one crore rupees. An amount of Rs.1,42,52,186/- became due and payable in February 2020. The Appellant submitted that as per the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 dated 5.6.2020, if the default to the extent of
…The debt in default was incurred by the…
An amount of Rs.1,42,52,…