Insolvency threshold for individuals and partnerships set with minimum default requirement and government power to raise it. Part III governs fresh start, insolvency and bankruptcy for individuals and partnership firms and applies when the amount of default meets the statutory minimum threshold; the Central Government may, by notification, specify a higher minimum amount of default subject to an upper ceiling, thereby enabling adjustment of the applicability threshold for these insolvency mechanisms.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Insolvency threshold for individuals and partnerships set with minimum default requirement and government power to raise it.
Part III governs fresh start, insolvency and bankruptcy for individuals and partnership firms and applies when the amount of default meets the statutory minimum threshold; the Central Government may, by notification, specify a higher minimum amount of default subject to an upper ceiling, thereby enabling adjustment of the applicability threshold for these insolvency mechanisms.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
