https://www.taxtmi.com/caselaws?id=396242 The court stayed the NCLT order initiating insolvency proceedings against a company falling under the MSME category, due to jurisdictional concerns. The court noted that the NCLT overlooked the increased jurisdictional limit of Rs. 1 crore for insolvency proceedings effective from March 24, 2020, and proceeded based on a default amount of Rs. 1 lakh. The petitioner was required to deposit Rs. 10 lakhs with the Registrar General to continue company operations. The case was adjourned for further discussion on jurisdictional issues and compliance with updated regulations to protect MSMEs. en-us Tue, 23 Jun 2020 00:00:00 +0530 Fri, 26 Jun 2020 09:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396242 The court stayed the NCLT order initiating insolvency proceedings against a company falling under the MSME category, due to jurisdictional concerns. The court noted that the NCLT overlooked the increased jurisdictional limit of Rs. 1 crore for insolvency proceedings effective from March 24, 2020, and proceeded based on a default amount of Rs. 1 lakh. The petitioner was required to deposit Rs. 10 lakhs with the Registrar General to continue company operations. The case was adjourned for further discussion on jurisdictional issues and compliance with updated regulations to protect MSMEs. Case-Laws Insolvency and Bankruptcy Tue, 23 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396242