Legal update
Published
12 Sept 2026
Source date
12 Sept 2026
NCLAT Sets Aside CIRP Against Superfine Metals as Defaults Fell Within Section 10A Protected Window
Why it matters
The National Company Law Appellate Tribunal set aside the corporate insolvency resolution process against Superfine Metals (P) Ltd. after finding that defaults concerning cash credit and ad hoc facilities fell within the protected period under Section 10A of the Insolvency and Bankruptcy Code. The Tribunal reiterated that determining the precise date of default is decisive because Section 10A permanently bars insolvency applications for defaults occurring between 25 March 2020 and 24 March 2021.
Key points
- NCLAT set aside the CIRP against Superfine Metals (P) Ltd. as defaults under cash credit and ad hoc facilities occurred during the period protected by Section 10A of the IBC.
- Section 10A contains a non-obstante bar prohibiting applications under Sections 7, 9, or 10 for defaults arising on or after 25 March 2020 up to 24 March 2021.
- The proviso to Section 10A establishes a permanent bar by mandating that no application shall ever be filed for initiation of CIRP in respect of such defaults.
- The Explanation to Section 10A clarifies that the bar does not apply to any default committed prior to 25 March 2020.
What changed
The insolvency process initiated against Superfine Metals (P) Ltd. was set aside upon establishing that the relevant facility defaults fell within the statutory bar period under Section 10A of the IBC.
Who it affects
Superfine Metals (P) Ltd. and creditors seeking to initiate corporate insolvency resolution processes for defaults arising during the Section 10A protected period.
Jurisdiction
India
Sources and original links
Open the links below to read the material this update is based on.
This update is based on legal reporting. An official judgment or notification link is not currently available here, so please check the official text before relying on it.
Written by Law At Ease editorial desk
Continue reading: Learn, Case Library and all Law Updates.
This explanation is editorial context, not a substitute for the official text or for legal advice.