2023 (8) TMI 321 - SCH - Insolvency and Bankruptcy

Supreme Court Upholds NCLAT Order on Civil Appeal

The Supreme Court dismissed the civil appeal, upholding the order of the National Company Law Appellate Tribunal issued on 21.12.2022. - TMI Application filed under Section 9 of the IBC, 2016 rejected - rejection on the ground that it does not fulfil the threshold as prescribed under Section 4 proviso where minimum default amount has been increased to Rs. 1 Crores by Notification of MCA dated 24.03.2020 - it was held by NCLAT [2022 (12) TMI 1427 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI] that no error has been committed in rejecting Section 9 application filed by the Appellant which did not fulfil the threshold of Rupees One Crore. HELD THAT:- There are no reason to interfere in the order impugned passed by the National Company Law Appellate Tribunal - appeal dismissed. Title: Supreme Court Judgment on Civil AppealCitation: 2023 (8) TMI 321 - SC OrderJudges: Hon'ble Mr. Justice Ajay Rastogi and Hon'ble Ms. Justice Bela M. TrivediDecision: The Supreme Court dismissed the civil appeal, finding no reason to interfere with the order passed by the National Company Law Appellate Tribunal on 21.12.2022.