M/s Shapoorji Pallonji and Company Private Limited, an operational creditor, filed an application under Section 9 of the IBC against M/s Black Canyon SEZ Private Limited, the corporate debtor. The application was based on a settlement agreement dated 24.07.2020, where the date of default was claimed to be in July 2020. According to the agreement, the applicant was entitled to receive payment in 6 equated monthly installments from July 2020 to December 2020 due to foreclosure of the contract. The key fact is that the default occurred in July 2020, which falls within the period specified under Section 10A of the IBC, during which the initiation of CIRP was suspended for defaults arising on or after March 25, 2020.

M/s Shapoorji Pallonji and Company Private Limited, an operational creditor, filed an application under Section 9 of the IBC against M/s Black Canyon SEZ Private Limited, the corporate debtor. The application was based on a settlement agreement dated 24.07.2020, where the date of default was claimed to be in July 2020. According to the agreement, the applicant was entitled to receive payment in 6 equated monthly installments from July 2020 to December 2020 due to foreclosure of the contract. The key fact is that the default occurred in July 2020, which falls within the period specified under Section 10A of the IBC, during which the initiation of CIRP was suspended for defaults arising on or after March 25, 2020.