Bar under Section 10A of IBC on initiation of CIRP to apply retrospectively
(Ramesh Kymal v. M/s Siemens Gamesa Renewable Power Pvt. Ltd.)
In a recent judgment, the Supreme Court through a bench consisting of Justice DY Chandrachud and Justice MR Shah delivered a judgment holding that Section 10 A of the Insolvency and Bankruptcy Code, 2016 bars filing of applications for the commencement of corporate insolvency resolution process (CIRP) in respect of a corporate debtor for a default that occurred on or after 25 March 2020, even if such application was filed before 5 June 2020, the date on which the amendment came into force.