https://www.taxtmi.com/caselaws?id=416288 The Tribunal dismissed the operational creditor's application seeking initiation of corporate insolvency resolution process against the corporate debtor under section 9 of IBC, 2016. The corporate debtor's argument regarding the increased threshold limit of Rs. 1 crore under Notification No. S. O. 1205(E), dated March 24, 2020 was upheld. The Tribunal held that the application did not meet the revised pecuniary limit introduced by the notification and therefore, was not maintainable. The decision was based on the prospective application of the increased pecuniary jurisdiction from March 24, 2020, as established in the case law reference. en-us Tue, 28 Sep 2021 00:00:00 +0530 Sat, 25 Dec 2021 08:42:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416288 The Tribunal dismissed the operational creditor's application seeking initiation of corporate insolvency resolution process against the corporate debtor under section 9 of IBC, 2016. The corporate debtor's argument regarding the increased threshold limit of Rs. 1 crore under Notification No. S. O. 1205(E), dated March 24, 2020 was upheld. The Tribunal held that the application did not meet the revised pecuniary limit introduced by the notification and therefore, was not maintainable. The decision was based on the prospective application of the increased pecuniary jurisdiction from March 24, 2020, as established in the case law reference. Case-Laws Insolvency and Bankruptcy Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416288