# In the matter of Plus Corporate Ventures Pvt. Ltd. Vs. Transnational Growth Fund Ltd. Company Appeal (AT)(Ins) No.1270 of 2022

> NCLAT judgment dated 2022-10-31. Citation: TCN-2022-NCLAT-00133. This is a Company Appeal (AT) (Insolvency) No. 1270 of 2022 filed by Plus Corporate Ventures…

- **Court:** NCLAT
- **Order date:** 31 Oct 2022
- **Citation:** TCN-2022-NCLAT-00133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/plus-corporate-ventures-pvt-ltd-vs-transnational-growth-fund-ltd-company-appeal-0424c010

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 1270 of 2022 filed by Plus Corporate Ventures Pvt. Ltd. against the order dated 17th August, 2022, passed by the National Company Law Tribunal, New Delhi, Bench-IV, which rejected the application being Company Petition No. (IB)-297(ND)/2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was rejected as barred by Section 10-A of the Code. The appellant contends that the Adjudicating Authority noticed the repayment dates in paragraph 7 of the judgment, with the last payment due on 30th April, 2021, subsequent to the period mentioned in Section 10A, making the Section 9 application permissible for the entire amount of Rs. 3,37,50,000/-.

## Facts

Plus Corporate Ventures Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was rejected by the National Company Law Tribunal, New Delhi, Bench-IV, due to being barred by Section 10-A of the Code. The application pertained to a default amount of Rs. 3,37,50,000/-. The appellant argued that repayments were to be received by the Appellant, with the last payment due on 30th April, 2021. This date is subsequent to the period mentioned in Section 10A, which suspends the initiation of corporate insolvency resolution process for defaults arising on or after 25th March, 2020. The Adjudicating Authority noted the repayment dates but still rejected the application. The Sale Agreement dated 27.08.2020 outlined the payment schedule.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the application under Section 9 of the …

**Ratio:** Section 10A of the IBC suspends the initiation of corporate insolvency resolution process

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**Reasoning:** The court reasoned that the default occurred from 16.09.2020 to 28.02.2021, falling

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**Interpretation:** Section 10A is interpreted to mean that if the default occurred during the

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**Application:** Since the default occurred between 16.09.2020 and 28.02.2021, the application

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Plus Corporate…
- **Respondents:** Transnational…
- **Advocates:** Mohd Nazi…; Garmia K…

## Timeline

- **2022-08-17 — Order by…**: The National Company Law Tribunal, New Delhi, Bench-IV, passed an order rejecting the…
- **2020-03-25 — Section 10A Effective…**: Section 10A of the IBC suspends the initiation of corporate insolvency resolution process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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