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of <h1>Insolvency Code allows raising default threshold for corporate debtors from one lakh to one crore rupees.</h1> This section of the Insolvency and Bankruptcy Code, 2016, applies to insolvency and liquidation proceedings for corporate debtors with a default amount of at least one lakh rupees. The Central Government has the authority to increase this minimum default amount up to one crore rupees through a notification. Additionally, for the prepackaged insolvency resolution process under Chapter III-A, the government may specify a higher minimum default amount, not exceeding one crore rupees. These provisions came into effect on December 1, 2016, with amendments introduced in 2021.
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