NCLAT allows appeal by Superfine Metals' ex-director, setting aside NCLT's order admitting the company into insolvency.
Tribunal rules defaults for Cash Credit and Ad-Hoc facilities occurred within the Section 10A protected period (25.03.2020-24.03.2021).
The judgment hinges on the interpretation of RBI's COVID-19 circulars and the statutory definition of 'default' under IBC.
Central Bank of India's amended dates of default (10.03.2020 & 24.03.2020) are rejected as incorrect and unsupported by evidence.