Is the bar on initiation of insolvency proceedings under Sec 10A IBC applicable even to pending cases?- NCLT answers

NCLT has held that Section 10A IBC, which came into force on June 5, shall apply even to pending cases in relation to defaults that have arisen on or after March 25.
NCLT
NCLT

The National Company Law Tribunal, Chennai Bench has held that the bar on initiation of insolvency proceedings under Section 10A of the Insolvency & Bankruptcy Code shall even apply to pending cases in relation to defaults that have arisen on or after March 25. (Siemens Gamesa Renewable Pvt Ltd vs Ramesh Kymal)

The date of filing cannot determine the rights of the parties in view of the prevalent extraordinary situation which will wholly defeat the object of the promulgation of the Ordinance in protecting the interest of the corporate persons.
NCLT has said.
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