Embassy Development wins major legal victory as appellate tribunal sets aside insolvency proceedings. The National Company Law Appellate Tribunal overturned an NCLT order that had initiated insolvency against the realty firm following Canara Bank's claim of two hundred crore rupees in unpaid corporate guarantee obligations. The appellate bench ruled the bank's default claim fell within the Section 10A protection period under the Insolvency and Bankruptcy Code, which shields companies from insolvency proceedings for defaults occurring within one year after March twenty-five, twenty twenty. The tribunal found the lower court erred in not accepting Embassy Development's argument that the application was barred by this protective provision.
