https://www.taxtmi.com/caselaws?id=301566 The minimum default threshold under the Insolvency and Bankruptcy Code, 2016 was held to be triggered by the occurrence of default. The 24.03.2020 notification enhancing the threshold from one lakh rupees to one crore rupees was treated as prospective because it did not express retrospective operation. Where default had already occurred before the notification, the right to initiate insolvency proceedings had accrued earlier and could not be displaced by the later enhancement, even if the demand notice had not yet been issued. The enhanced threshold therefore did not apply to pre-notification defaults. en-us Tue, 27 Jul 2021 00:00:00 +0530 Fri, 08 Apr 2022 21:01:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301566 The minimum default threshold under the Insolvency and Bankruptcy Code, 2016 was held to be triggered by the occurrence of default. The 24.03.2020 notification enhancing the threshold from one lakh rupees to one crore rupees was treated as prospective because it did not express retrospective operation. Where default had already occurred before the notification, the right to initiate insolvency proceedings had accrued earlier and could not be displaced by the later enhancement, even if the demand notice had not yet been issued. The enhanced threshold therefore did not apply to pre-notification defaults. Case-Laws Insolvency and Bankruptcy Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301566