Application For CIRP Not Maintainable If Default Occurred During Protected Period U/S 10A Of IBC

The NCLAT has ruled that an application for Corporate Insolvency Resolution Process (CIRP) is not maintainable if the default occurred during the protected period under Section 10A of the IBC. This decision clarifies the applicability of Section 10A, which provides relief to companies affected by the COVID-19 pandemic. The ruling ensures that the protected period is respected.