[COVID-19] Ordinance suspending initiation of insolvency proceedings retrospective; Applicable from March 25: NCLAT

The Appellate Tribunal has clarified that the bar on initiation would not operate in respect of applications filed in respect of default committed before March 25, 2020.
[COVID-19] Ordinance suspending initiation of insolvency proceedings retrospective; Applicable from March 25: NCLAT
NCLAT

The National Company Law Appellate Tribunal has held that the June Ordinance suspending initiation of insolvency proceedings on account of COVID-19 was retrospective in nature and was applicable from March 25, 2020. (Ramesh Kymal vs Siemens Gamesa Renewable Pvt Ltd)

The Appellate Tribunal has clarified that the bar on initiation under Section 10A of the Insolvency and Bankruptcy Code would not operate in respect of applications filed in respect of default committed before March 25, 2020 though such application might have been filed later.

NCLAT
[BREAKING] Centre notifies Ordinance to suspend initiation of corporate insolvency resolution process on account of COVID-19
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