IBC section 7 Application not fulfilling the threshold of Rs. 1 Crore is not sustainable

Prafulla Purushottamrao Gadge Vs Narayan Mangal (NCLAT Delhi) The submission raised by the Counsel for the Appellant that the Application which has been filed on 25.06.2021 under Section 7 has to fulfill the requirements of threshold as introduced by Notification dated 24.03.2020 has substance. The Adjudicating Authority has not adverted to the said issue and has admitted the Application. The submission of the Counsel for the Respondent that Application dated 25.06.2021 is in continuation of the earlier Application cannot be accepted. After 13.12.2019, I.A 1128/2020 for restoration was filed w...