NCLAT: Petition under Section 7 of IBC cannot be barred for defaults that occurred prior to enactment of Section 10A

NCLAT, New Delhi Bench observes that proceedings under Section 7 of the IBC can be initiated if the default is committed prior to period as per Section 10 A of the Insolvency & Bankruptcy Code, 2016 (IBC) and if such default continues. Section 10 A of IBC does not obviliate the liability to pay interest for default committed prior to Section 10 A period which stil continues.