# In the matter of Tattva & Mittal Lifespaces Private Limited

> NCLT judgment dated 2023-01-17. Citation: TCN-2023-NCLT-05029. The case pertains to a company petition filed by the Financial Creditor against the Corporate…

- **Court:** NCLT
- **Order date:** 17 Jan 2023
- **Citation:** TCN-2023-NCLT-05029
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tattva-mittal-lifespaces-private-limited-63a1e436

## Summary

### Background

The case pertains to a company petition filed by the Financial Creditor against the Corporate Debtor for a claim of Rs. 1,50,00,000. The Financial Creditor submits that the default period is from 15.02.2021 to 15.03.2021.

## Facts

The Financial Creditor filed a company petition against the Corporate Debtor for a claim of Rs. 1,50,00,000. The default period, as claimed by the Financial Creditor, is from 15.02.2021 to 15.03.2021. The court noted that this default period falls within the 10A period, which has implications on the maintainability of the petition. This fact is crucial because Section 10A provides certain restrictions on initiating corporate insolvency resolution process during a specific period, potentially impacting the maintainability of the petition.

## Issues and analysis

### Issue 1: Whether the company petition is maintainable given that the default occurred within the period …

**Ratio:** A company petition is not maintainable if the default occurred during the period

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**Reasoning:** The court reasoned that since the default occurred within the 10A period, the company

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**Interpretation:** Section 10A of the Insolvency and Bankruptcy Code provides a specific period

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**Application:** In this case, the default occurred between 15.02.2021 and 15.03.2021, which

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Ashok T…
- **Respondents:** Tattva & Mittal…

## Timeline

- **2023-01-17 — Hearing…**: Order sheet of the…
- **2021-02-15 — Default Perio…**: The default period…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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