Case Law Details
Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal)
FACTS
M/s Rockwell Industries Limited (hereinafter referred as the Respondent/ Operational Creditor) filed an application for initiation of Corporate Insolvency Resolution Process (hereinafter refereed as CIRP) under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against M/s Arrowline Organic Products Pvt. Ltd. (hereinafter referred as the Applicant/Corporate Debtor) and an order of admission was passed by the Adjudicating Authority dated 05.05.2020.
However, a notification was issued by the Central Government under Section 4 of the Code wherein the minimum threshold limit has been increased to Rs. 1 Crore from Rs. 1 Lakh for maintaining the petition before the Tribunal.
Therefore, in effect to the same, the Applicant filed the present application before the Tribunal to recall the order dated 05.05.2020 under Section 420 of the Companies Act, 2013 and Rule 11 of the NCLT Rules, 2016.
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