Appeal Dismissed for Insufficient Default Amount under Section 9 of IBC

The National Company Law Appellate Tribunal, New Delhi, dismissed an appeal filed by an Operational Creditor for Rs. 42,94,620 against an order rejecting their application under Section 9 of the IBC. The appeal was dismissed as it did not meet the minimum default amount threshold of Rs. 1 Crore set by MCA notification, following a previous judgment in a similar case.

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The National Company Law Appellate Tribunal, New Delhi, dismissed an appeal against an order rejecting an application under Section 9 of the IBC due to not meeting the minimum default amount threshold of Rs. 1 Crore set by MCA notification. The appeal was filed by an Operational Creditor for Rs. 42,94,620 and was dismissed based on a previous judgment in a similar case.

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