Threshold Under IBC Section 4 Must Be Met at CIRP Filing/Admission

Devika Resources Pvt. Ltd. Vs MAA Manasha Devi Alloys Pvt. Ltd. (NCLAT Delhi) Conclusion: An appeal filed by the operational creditor was allowed holding that the threshold under section 4 of the Insolvency Bankruptcy Code (IBC), 2016 had to be seen at the time of filing of the application or at the time of admission of the application and the date of application admission was regarded as the insolvency commencement date under Section 5(12) of the IBC Held: Appellant used to supply iron ore to the respondent through Devika Resources Pvt. Ltd., but the respondent never paid, thus appellant serv...