https://www.taxtmi.com/caselaws?id=399573 The Tribunal held that the notification enhancing the minimum default limit to Rs. 1 crore is prospective, not retrospective. The application under Section 9 of the IBC was deemed maintainable despite the amendment to Section 4 being prospective. The Operational Creditor fulfilled all procedural requirements, and the Corporate Debtor had no valid defense against the debt. The Adjudicating Authority's decision to admit the application for CIRP was upheld, and the appeal was dismissed without costs. en-us Mon, 12 Oct 2020 00:00:00 +0530 Wed, 14 Oct 2020 12:16:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399573 The Tribunal held that the notification enhancing the minimum default limit to Rs. 1 crore is prospective, not retrospective. The application under Section 9 of the IBC was deemed maintainable despite the amendment to Section 4 being prospective. The Operational Creditor fulfilled all procedural requirements, and the Corporate Debtor had no valid defense against the debt. The Adjudicating Authority's decision to admit the application for CIRP was upheld, and the appeal was dismissed without costs. Case-Laws Insolvency and Bankruptcy Mon, 12 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399573