IBC - NCLAT Fortnightly Summary (September 1 - September 15, 2023)

The following is a snapshot of the important orders passed by the National Company Law Appellate Tribunal ("NCLAT"), under the Insolvency and Bankruptcy Code, 2016 ("Code"), during the period between September 1, 2023 – September 15, 2023. For ease of reference, the orders have been categorized and dealt with in the following categories i.e.,Pre-admission stage, Corporate Insolvency Resolution Process ("CIRP") stage and Miscellaneous.

PRE-ADMISSION STAGE

1. In IDBI Trusteeship Services Limited v. Direct Media Distribution Ventures Private Limited (Company Appeal (AT) Insolvency No. 850 of 2023), the NCLAT held that where the date of default fell within the period covered under Section 10A, any subsequent payment made after the Section 10A period does not shift the date of default to take the same outside the Section 10A period for a Section 7 application to be maintainable.