The appeal arises from an order dated July 9, 2020, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench-I, Chennai, in IA/395/2020 in IBA/215/2020. The Adjudicating Authority declined to admit an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code'), holding that a bar was created by law in terms of the newly inserted Section 10A coming into force. The Operational Creditor, Mr. Ramesh Kymal, filed the application against the Corporate Debtor, M/s. Siemens Gamesa Renewable Power Pvt. Ltd. The application was rejected because the default was deemed to have occurred after March 25, 2020, which fell under the period where Section 10A was in effect.
Mr. Ramesh Kymal, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Siemens Gamesa Renewable Power Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal) rejected the application, citing Section 10A of the I&B Code, which was introduced as an amendment ordinance. Section 10A provides a bar on initiating CIRP for defaults occurring on or after March 25, 2020, for a specified period due to the COVID-19 pandemic. The Adjudicating Authority determined that the default occurred after March 25, 2020. The Operational Creditor appealed this decision, arguing that Section 10A should not apply to applications
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The Adjudicating Authority (National Company…
Section 10A of the I&B Code specifies March 25,…
The appeal arises from an order dated July 9, 2020, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench-I, Chennai, in IA/395/2020 in IBA/215/2020. The Adjudicating Authority declined to admit an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code'), holding that a bar was created by law in terms of the newly inserted Section 10A coming into force. The Operational Creditor, Mr. Ramesh Kymal, filed the application against the Corporate Debtor, M/s. Siemens Gamesa Renewable Power Pvt. Ltd. The application was rejected because the default was deemed to have occurred after March 25, 2020, which fell under the period where Section 10A was in effect.
Mr. Ramesh Kymal, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Siemens Gamesa Renewable Power Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal) rejected the application, citing Section 10A of the I&B Code, which was introduced as an amendment ordinance. Section 10A provides a bar on initiating CIRP for defaults occurring on or after March 25, 2020, for a specified period due to the COVID-19 pandemic. The Adjudicating Authority determined that the default occurred after March 25, 2020. The Operational Creditor appealed this decision, arguing that Section 10A should not apply to applications
…The Adjudicating Authority (National Company…
Section 10A of the I&B Code specifies March 25,…