IBC Section 9 application dismissed as debt below minimum threshold of Rs. 1 Crore

Uniwoth Enterprises LLP Vs Starco Metaplast Pvt Ltd (NCLT Delhi)

NCLT Delhi held that alleged debt falls below the minimum threshold limit of Rs. 1 Crore as laid down under section 4 of the Insolvency and Bankruptcy Code, 2016 and hence section 9 application for initiation of CIRP dismissed.

Facts- This instant application was filed by Uniworth Enterprises LLP (‘Applicant’/ ‘Operational Creditor’) under Section 9 of the Insolvency and Bankruptcy Code, 2016 with a prayer to initiate Corporate Insolvency Resolution Process in respect of M/s. Starco Met

Please become a Premium member. If you are already a Premium member, login here to access the full content.