IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]

The National Company Law Tribunal (NCLT), Chennai Bench has ruled that Section 10A of the Insolvency and Bankruptcy Code, 2016 (IBC), which bars the initiation of insolvency proceedings against a defaulter, will be applicable to pending applications with respect to defaults arising on or after March 25. NCLT also observed that it was 'untenable' to suggest that Sec. 10A would be...