Total joint application of financial creditor above INR 1 Crore can initiate CIRP u/s 7

Vishnu Oil Mill Private Ltd Vs Union of India (Rajasthan High Court) Held that application u/s 7 for triggering CIRP may be initiated by a financial creditor either individually or jointly with other financial creditors with total minimum threshold for initiation of CIRP being fixed at INR 1 Crore. Facts- The petitioner has approached this Court through this writ petition seeking to assail the validity of Section 7 of the Insolvency and Bankruptcy Code, 2016 and so also the order dated 22.12.2021 passed by the National Company Law Tribunal, Jaipur Bench against the petitioner. Section 7, the v...