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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 ..... r 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 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Demand Notice dated 19.07.2021 demanding 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 compilation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rospective application is made in the statute. It is seen 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. 6. Since the application under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 cannot be filed against the Corporate Debtor. Henceforth, for the above-mentioned reasons, the present Application cannot be admitted. Accordingly, the same being not maintainable stands dismissed with no order to costs. Let c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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