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.

Published In:Inter Alia - Quarterly Edition - March 2021 [ English Chinese japanese ]
Date: March 31, 2021