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Threshold limit includes both principal debt and interest under IBC
Case Law Details
- Case Name
- Prashat Agarwal Vs Vikash Parasrampuria (NCLAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Prashat Agarwal Vs Vikash Parasrampuria (NCLAT Mumbai)
Held that minimum threshold limit of INR 1 Crore for maintainability of application for CIRP proceedings u/s 9 of IBC includes both principal debt as well as interest on delayed payment.
Facts-
The Operational Creditor is supplier of different types of yarns and has supplied goods to Bombay Rayons Fashions Ltd. (Corporate Debtor). Operation Creditor raised nine invoices between March, 2017 and January, 2020 totally amounting to INR 2,02,26,017/-. Corporate Debtor made payment of some invoices, however, one part invoice and...
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