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TMI Blog2022 (2) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... d limit of ₹ 1 crore of debt will be applicable in the present case. This application stands dismissed. - CP (IB) /230(CHE)/2021 - - - Dated:- 3-2-2022 - S. Ramathilagam, J. (Member (J)) And Anil Kumar B., Member (T) For the Appellant : C.J. Yeswanthram, Advocate ORDER S. Ramathilagam, J. (Member (J)) 1. Under Adjudication is IBA/230/2021 that has been filed by M/s. Jamuna International (hereinafter referred to as 'Operational Creditor') under Section 9 of the Insolvency Bankruptcy Code 2016 (in short, 'IBC, 2016') r/w. Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against Vasan Dental Hospitals Private Limited (hereinafter referred to as 'Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Computation of the debt. 4. It was averred in the application that the Operational Creditor is an authorized distributor of 3M Unitek Orthodontic materials and is engaged in the business of supplying dental and orthodontic products. 5. It was further averred that the Corporate Debtor had issued purchase orders to the Operational Creditor for the purchase of materials. In respect to that, the Operational Creditor had raised invoices between the period of April 2017 and March 2018 against the Corporate Debtor for the material delivered. However, the Corporate Debtor has defaulted in honouring the invoices raised. 6. It was further averred that the Operational Creditor had enquired the Corporate Debtor about the default vide e-m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the default is one lakh rupees. Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees. 11. The Notification No. S.O. 1205 (E) dated 24.3.2020 issued by the Ministry of Corporate Affairs is extracted below: S.O. 1205(E).--In exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby specifies one crore rupees as the minimum amount of default for the purposes of the said section. As can be seen from the above notification, the threshold limit of debt has been raised from ₹ 1 lakh to ₹ 1 crore. Accordingly, the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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