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Mar 31, 2021

SC Gives Retrospective Effect to Bar under Section 10A of IBC

Section 10A of the IBC was introduced during the outbreak of the Covid-19 pandemic, to provide relief from insolvency proceedings on defaults occurring on or after March 25, 2020 i.e. the date on which the nationwide lockdown was announced. The Supreme Court in Ramesh Kymal v. Siemens Gamesa Renewable Power Private Limited[1], held that relief under Section 10A will be available to an application filed prior to the date of introduction of Section 10A to the IBC, so long as such application is in respect of a default which occurred on or after March 25, 2020.

[1] Ramesh Kymal v. Siemens Gamesa Renewable Power Pvt. Ltd., 2021 SCC OnLine SC 72.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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