# In the matter of Black Canyon SEZ Private Limited (IB) 196(ND)-2022

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-02262. The case involves an application filed by M/s Shapoorji Pallonji and Company Private Limited,…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-02262
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/black-canyon-sez-private-limited-ib-196nd-2022-be0284da

## Summary

### Background

The case involves an application filed by M/s Shapoorji Pallonji and Company Private Limited, an operational creditor, against M/s Black Canyon SEZ Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application pertains to a default that allegedly occurred in July 2020, based on a settlement agreement dated 24.07.2020. The applicant claims entitlement to payment in 6 equated monthly installments from July 2020 to December 2020 due to foreclosure of the contract.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the application for initiation of Corporate Insolvency Resolution Process (CIRP) is …

**Ratio:** Section 10A of the IBC stipulates that no application for initiation of CIRP shall be

…

**Reasoning:** The court reasoned that the default occurred in July 2020, which falls within the period

…

**Interpretation:** Section 10A was interpreted to mean that any default occurring during the

…

**Application:** Since the default occurred in July 2020, which is after March 25, 2020, the

…

## Parties

- **Judges:** Sh. Abni Ranjan…; SH. RAHUL PRASAD…
- **Appellants:** M/s Shapoorji…
- **Respondents:** M/s Black Canyon…

## Timeline

- **2020-07-24 — Settlement Agreement…**: Settlement agreement between…
- **2020-07-01 — Date of D…**: The applicant claimed that the date of…

## 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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