Valiance Engineers Private Limited Vs Atmastco Limited (NCLT Cuttack)
NCLT Cuttack held that time of filing of CIRP application and not time of admission of application has to be considered for requisite threshold amount u/s. 4 of the Insolvency and Bankruptcy Code, 2016. Hence, GST debit-note and payment done after filing of application cannot be considered.
Facts- The present Application has been filed on 19.02.2024 by Valiance Engineers Private Limited (Operational Creditor) seeking to initiate Corporate Insolvency Resolution Process against Atmastco Limited (Corporate Debtor) by invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code,2016 read with Rule 6 of Insolvency & Bankruptcy (Application to adjudicating Authority) Rules, 2016 for an Operational Debt of Rs. 1,82,08,965/- and the Date of Default as stated in Part-IV of the application is 22.12.2023.
Conclusion- Hon’ble NCLAT in Hyline Medoconz Pvt. Ltd. Vs. Anandaloke Medical Centre Pvt. Ltd., held that threshold has to be seen at the time of filing and not at the time of the admission of the application. Hence both the issuance of GST debit-note and payment of Rs.55,00,000/- was done after the present application was filed and hence the same cannot be considered for computing the threshold amount u/ s 4 of IBC, 2016. Hence as on the date of filing of this present application i.e. on 08.08.2024 (or 06.08.2024 as stated in Part-IV) the total outstanding liability of the respondent was Rs. 1,74,01,008/- (Rs.1,82,08,965 -8,07,957) which is above the requisite threshold as required u/ s 4 of IBC 2016.
