Threshold criteria applies only at the time of filing section 7 application under IBC

Satyabrata Mitra Vs Earth Towne Infrastructure Pvt. Ltd. (NCLAT Delhi) NCLAT Delhi held that the threshold criteria is applicable at the time of filing Section 7 application under Insolvency and Bankruptcy Code and not subsequently. Accordingly, the present appeal is allowed and order is set aside and remanded back. Facts- M/s Earth Towne Infrastructure Pvt. Ltd. (‘ETIPL’) who is the Corporate Debtor, is the Respondent herein. The Appellant submitted that, ETIPL is the landowner and developer company for the project initiated by Earth Infrastructure Ltd. (“EIL”), which is the ...