Ramesh Kymal vs M/S. Siemens Gamesa Renewable Power ... on 9 February, 2021
39. The appellant further argued that the debt arrangement in this case
should fall under the blanket protections of the Section 10A moratorium, as
payments were restructured in March 2020 due to the COVID-19 pandemic.
This interpretation is in consonance with the rationale in several judgments,
including Ramesh Kymal vs. Siemens Gamesa Renewable Power Private
Limited, (2021) 3 SCC 224, and Life Insurance Corporation of India vs. Sanjeev
Builders Pvt. Ltd. & Anr., (2022) SCC OnLine SC 1128. Both of these Supreme
Court rulings emphasized that Section 10A provides broad protection for
defaults occurring during the COVID-19 period, intending to shield financially
distressed businesses from insolvency proceedings caused by the pandemic.