2021 (7) TMI 1300 - Tri - Insolvency and Bankruptcy

Maintainability of application - initiation of CIRP - Threshold limit for initiation of CIRP - HELD THAT - Admittedly, the amount due to be paid by the Corporate Debtor to the Operational is 13,46,278/- which is less than the threshold amount specified for triggering of the proceedings for Insolvency as per the Notification vide S.O 1205(E) dated 24.03.2020, by which, the threshold amount for initiation of Insolvency has increased from 1 lakh to 1 crore. The present petition is dismissed as non maintainable.

Summary

The judgment by the National Company Law Tribunal Allahabad Bench in 2021 (7) TMI 1300 stated that a petition under section 9 of IBC was filed for an unpaid sum of Rs. 13,46,278 by an Operational Creditor. The Tribunal found the petition not maintainable as the amount was below the threshold specified for initiating insolvency proceedings. The petition was dismissed accordingly.