The New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has held that when a default occurs beyond outer limit of Section 10A of Insolvency and Bankruptcy Code 2016 (‘IBC’), a fresh insolvency application can be filed under Section 7 of the Code.
Gangadhar A. Kotian, Suspended Director of Bombay Rayon Clothing Ltd filed an appeal under Section 61(1) of Insolvency and Bankruptcy Code 2016 (‘IBC’) against the Order dated 24.04.2025 (‘Impugned Order’) passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-II). By the impugned order, the Adjudicating Authority has admitted the Section 7 application of IBC filed by Catalyst Trusteeship Ltd Financial Creditor.
The UAE…