Case Law Details
Udit Jain (Sole Proprietor of M/s U.J. Trading Co.) Vs Apace Builders and Contractors Pvt. Ltd (NCLT Delhi)
HC held that in application filed under section 9 of IBC, 2016 only the date of filing needs to be considered and not the date of sending the Demand Notice. It is seen that notification of MCA dated 24.3.2020 makes it unambiguously clear that the threshold limit to be considered for section 9 application will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s 7 or 9 on or after 24.3.3020 even if debt is of a date earlier than 24.3.2020. Therefore, the threshold limit of Rs. 1 crore of debt will be applicable in the present case.
FULL TEXT OF THE NCLT DELHI ORDER
This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the Code’) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules’) with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor.
2. The applicant, Sh. Udit Jain (Sole Proprietor of M/s U.J. Trading Co.) has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process under the provisions of the Code.
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