Summary
- The NCLAT Delhi has set aside the NCLT Mumbai's order admitting Central Bank of India’s Section 7 application against Siddharth Satish Katariya, citing defaults occurring during the protected period under Section 10A of the Insolvency and Bankruptcy Code, 2016.
- The court found that the alleged default dates for Cash Credit and Ad-Hoc facilities fell within the Section 10A period, thus barring the initiation of Corporate Insolvency Resolution Process (CIRP).
- NCLAT emphasized that any amendments to default dates must be substantiated by facts and contractual terms, rejecting the Bank's claims of earlier defaults.
- This ruling reinforces the protective measures under Section 10A, impacting
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