Xander Finance Pvt. Ltd. filed an application under Section 7 of the IBC, 2016, against Shree Vardhman Developers Pvt. Ltd., claiming a financial debt of ₹45,00,00,000/-. The applicant stated that the date of default was December 31, 2020, and the amount of default as of May 5, 2022, was ₹17,32,32,014. The debt was disbursed in two facilities, each with disbursements on January 13, 2016, and March 17, 2016. The applicant's counsel argued that the default was continuing. However, the court noted that the default date fell within the period specified in Section 10A of the IBC, which restricts the initiation of CIRP for defaults occurring between March 25, 2020, and March 24, 2021. This fact is crucial because Section 10A provides a moratorium on initiating CIRP for

Xander Finance Pvt. Ltd. filed an application under Section 7 of the IBC, 2016, against Shree Vardhman Developers Pvt. Ltd., claiming a financial debt of ₹45,00,00,000/-. The applicant stated that the date of default was December 31, 2020, and the amount of default as of May 5, 2022, was ₹17,32,32,014. The debt was disbursed in two facilities, each with disbursements on January 13, 2016, and March 17, 2016. The applicant's counsel argued that the default was continuing. However, the court noted that the default date fell within the period specified in Section 10A of the IBC, which restricts the initiation of CIRP for defaults occurring between March 25, 2020, and March 24, 2021. This fact is crucial because Section 10A provides a moratorium on initiating CIRP for