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TMI Blog2022 (6) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... plication under section 9 has been filed on 17.08.2020, though the demand notice was send on 03.01.2020, therefore, the threshold limit of Rs. 1 crore of debt will be applicable in the present facts. The intent of legislation to fix the threshold limit was to save the Companies from being rotted to NCLT for initiation of CIRP proceedings, due to COIVD-19 effect. The said notification was always prospective in nature but having retrospective repercussion also. Hence, even if the amount was due prior to 24.03.2020 and the demand notice was send prior to that the petition u/s. 7 or 9 of the Code, it cannot be filed against the Corporate Debtor. Henceforth, for the above-mentioned reasons, the present Application cannot be admitted. Accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anding payment of an unpaid operational debt as per provisions under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 4. The Corporate Debtor has submitted his reply. The main objections raised by the corporate debtor are as follows: a. The Corporate Debtor alleged that the demand notice under Section 8 of IBC has not been duly served to them at their registered office which is at 19, Rial Vihar Apartment, Pitampura, New Delhi-110034. b. The Corporate Debtor further submitted through his reply that the present application is not maintainable as the present application is not complied with the provision of Section 9(3)(c) as the same mandates the certificate from a financial institutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present Application is maintainable. Relying on the Hon'ble NCLT, New Delhi Court II BLS Polymers Ltd. vs. RMS Power Solutions Pvt. Ltd. - C.P. (IB) No. 340/ND/2021, wherein, the Tribunal held that the word 'DEFAULT' is common to Section 7, 9 and 10 of IBC, and the right to file an application under any of these sections accrues only when the default in making the payment has occurred and such an application can be filed anytime within three years from the date when right accrues, i.e., when the default has occurred. The Tribunal stated that once the default has occurred prior to the issuance of the notification i.e., 24.03.2020, the notification shall not be applicable to such matters. d) Operational creditor submits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of MCA dated 24.3.2020 makes it unambiguously clear that the threshold limit to be considered for section 9 application will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s. 7 or 9 on or after 24.3.3020 even if the debt is of date earlier than 24.03.2020. 7. Since the application under section 9 has been filed on 17.08.2020, though the demand notice was send on 03.01.2020, therefore, the threshold limit of Rs. 1 crore of debt will be applicable in the present facts. In this regard the reference can also be made to citation Prafulla Purushottamrao Gadge V. Narayan Mangal Anr. (Comp. App. (AT) (Ins.) No. 498 of 2022). In the present application the Operational Creditor demanded Rs. 17,85,396/- and the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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