9911796707
TMI Blog2022 (3) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... to file application for initiation of Corporate Insolvency Resolution Process the applicant must prove that the default committed by the Corporate Debtor is ₹ 1 Crore or more - Before the publication of notification No. S4/1205 (E) dated 24.3.2020 published by the Ministry Corporate Affairs, Government of India, the threshold limit in Part-II was ₹ 1 lac only, however, to prevent larg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rminder Singh, Member (J) And Sumita Purkayastha, Member (T) ORDER Dharminder Singh, Member (J) 1. This is an application filed under Section 9 of Insolvency and Bankruptcy Code, 2016 filed by Eureka Forbes Ltd. for initiation of Corporate Insolvency Resolution Process against M/s. B L Kashyap Sons Ltd., the respondent Corporate Debtor. 2. As per averments made in the petition, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd the arguments of Ld. Counsel for the applicant and perused the case records. 6. As per Section 4 of the Code, in order to file application for initiation of Corporate Insolvency Resolution Process the applicant must prove that the default committed by the Corporate Debtor is ₹ 1 Crore or more. The relevant provision of Section 4 has been reproduced below: 4. Application of this Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication ), the threshold limit in Part-II was ₹ 1 lac only, however, to prevent large scale insolvencies due to the financial stress caused by the pandemic, the Government notified the minimum amount of default as ₹ 1 Crore instead of ₹ 1 Lakh. 8. In respect of applicability of the aforementioned amendment Hon'ble Kerala High Court in the matter of M/S. Tharakan Web Innova ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sent matter it is seen that the fresh Demand Notice was served upon the Corporate Debtor on 22.02.2021 and the application was filed for initiation of Corporate Insolvency Resolution Process on 09.10.2021. The amount of default as claimed by the applicant is less than the threshold limit defined under Section 4 of the Code. Therefore, the present case is not maintainable in terms of provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
