Corporate insolvency threshold applies only when default reaches the minimum amount, with government power to notify a higher limit. The Part governing insolvency resolution and liquidation of corporate persons applies where the minimum amount of default is one lakh rupees. The Central Government may notify a higher default threshold, subject to a ceiling of one crore rupees. A separate notification power applies to the pre-packaged insolvency resolution process for corporate debtors under Chapter III-A, also subject to the same ceiling.