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TMI Blog2022 (6) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 - threshold limit involved - HELD THAT:- Notification 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 - Since the application under section 9 of the code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be filed against the Corporate Debtor. Application not maintainable and is dismissed. - IB-533/(ND)/2021 - - - Dated:- 23-5-2022 - Dharminder Singh, Member (J) And Sumita Purkayastha, Member (T) ORDER Dharminder Singh, Member (J) 1. This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 6 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make the payment for the invoices dated 01.01.2019 to 30.04.2019, amounting Rs. 60,65,818/- and also liable to pay interest i.e. Rs. 21,47,786/- on the outstanding amount due. c. The Operational Creditor also stated that the Corporate Debtor has accepted his liability via email dated 03.02.2021 and the same was before the issuance of the demand notice. d. The Operational Creditor sent a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Hon'ble NCLAT in the matter of Jumbo Paper Products V. Hansraj Agrofresh Pvt. Ltd. (Company Appeal (AT) (Ins) No. 813 of 2021) wherein it was held that the any statute/law can be applied retrospectively only if explicit provision regarding its retrospective application is made in the statute. It is seen that notification of MCA dated 24.3.2020 makes it unambiguously clear that the thresho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d notice, which is immaterial. 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 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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