HC quashes NCLT Order accepting IBA Application as default was less than Rs.1 Crore

Tharakan Web Innovations Pvt. Ltd. Vs National Company Law Tribunal (Kerala High Court) Conclusion: NCLT Order accepting IBA Application for want of Jurisdiction post-amendment to Section 4 was quashed in the light of amendment to section 4 wherein Part II of the IBC could apply only to matters relating to insolvency and liquidation of corporate debtors, where the minimum amount of default was Rs.1 Crore. Held: In the instant case, the prayer in this writ petition was for a declaration that the notification dated 24.03.2020 whereby the minimum amount of default was specified as Rs.1 Crore was...