IBC: Minimum Threshold of Rs. 1 Crore is to be Seen from the date of Filing the Petition

Udit Jain (Sole Proprietor of M/s U.J. Trading Co.) Vs Apace Builders and Contractors Pvt. Ltd (NCLT Delhi) HC held that  in application filed under section 9 of IBC, 2016 only the date of filing needs to be considered and not the date of sending the Demand Notice. 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 debt is of a date earlier than 24.3.2020. Therefore, the th...