Increase in threshold for initiating CIRP is prospective in effect

Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) The issue under consideration is whether increase in threshold by CG through notification  for initiating Corporate Insolvency Resolution Process (CIRP) is prospective or retrospective in effect. In the current case, the applicant filed application under Insolvency and Bankruptcy Code, 2016 (IB Code) for initiation of corporate insolvency resolution process against the corporate debtor for the alleged default in payment of operational debt. In reply against this proceeding Corporate Debtor submitted that CG through notifi...