https://www.taxtmi.com/caselaws?id=770306 NCLAT dismissed appeal challenging rejection of Section 9 application filed by employees against corporate debtor. Tribunal held that minimum threshold of Rs. 1 crore default under Section 4 of I&B Code is mandatory for initiating CIRP. Each employee constitutes separate operational creditor and individual dues cannot be clubbed to meet threshold requirement. Since individual dues of each appellant were below Rs. 1 crore threshold, none qualified to initiate CIRP proceedings. Adjudicating Authority correctly rejected the application as statutory minimum default amount was not satisfied by any individual appellant. en-us Thu, 01 May 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770306 NCLAT dismissed appeal challenging rejection of Section 9 application filed by employees against corporate debtor. Tribunal held that minimum threshold of Rs. 1 crore default under Section 4 of I&B Code is mandatory for initiating CIRP. Each employee constitutes separate operational creditor and individual dues cannot be clubbed to meet threshold requirement. Since individual dues of each appellant were below Rs. 1 crore threshold, none qualified to initiate CIRP proceedings. Adjudicating Authority correctly rejected the application as statutory minimum default amount was not satisfied by any individual appellant. Case-Laws IBC Thu, 01 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770306