2022 (12) TMI 1427 - AT - Insolvency and Bankruptcy

Application filed under Section 9 of the IBC, 2016 rejected - rejection on the ground that it does not fulfil the threshold as prescribed under Section 4 proviso where minimum default amount has been increased to Rs. 1 Crores by Notification of MCA dated 24.03.2020 - HELD THAT - The Application has been filed by the Operational Creditor on 01.12.2021 for an amount of Rs. 42,94,620/-. The issue raised in the Appeal is fully covered by the Judgement of this Tribunal in the matter of HYLINE MEDICONZ PRIVATE LIMITED VERSUS ANANDALOKE MEDICAL CENTRE PRIVATE LIMITED 2022 (9) TMI 954 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI where it was held that no error has been committed by the Adjudicating Authority in rejecting Section 9 application filed by the Appellant on 18.01.2021 which did not fulfil the threshold of Rupees One Crore. Appeal dismissed.

Summary

The National Company Law Appellate Tribunal, New Delhi, dismissed an appeal against an order rejecting an application under Section 9 of the IBC due to not meeting the minimum default amount threshold of Rs. 1 Crore set by MCA notification. The appeal was filed by an Operational Creditor for Rs. 42,94,620 and was dismissed based on a previous judgment in a similar case.