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Informist, Monday, Jun. 23, 2025

 

NEW DELHI – The Kolkata bench of the National Company Law Tribunal has dismissed J.C. Flower Asset Reconstruction Pvt. Ltd.'s insolvency plea against Shristi Infrastructure Development Corp. Ltd. The tribunal held that J.C. Flower Asset's insolvency plea was not maintainable as it was for the dues arising from the protected period under Section 10A of the Insolvency and Bankruptcy Code, 2016.

 

Under Section 10A of the 2016 code, no application for initiating a corporate insolvency resolution process can be filed for any default that arises on and between Mar. 25, 2020 and Mar. 24, 2021.

 

The tribunal was hearing an application by Shristi Infrastructure Development Corp. seeking rejection of J.C. Flower's insolvency petition. Shristi Infrastructure Development Corp. said that the date of default in J.C. Flower's petition was Jun. 17, 2020, which clearly fell in the period covered under section 10A of the 2016 code.

 

The present petition preferred by J.C. Flower was not only barred by law but also a vexatious attempt by it to extort money from Shristi Infrastructure Development Corp., the petitioner said. The malafide actions of J.C. Flower aimed to abuse the due process of law in order to exert undue pressure and financial burden on Shristi Infrastructure Development Corp., the petitioner added.  End

 

At 1408 IST, shares of Shristi Infrastructure Development Corp. were down 1.0% at INR 33.50 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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