https://www.taxtmi.com/caselaws?id=771264 The NCLAT Principal Bench allowed an appeal against dismissal of a Section 9 IBC application. The appellant filed the application when debt exceeded Rs. 1 crore threshold (Rs. 1,16,25,583), but respondent deposited Rs. 20 lakh during pendency, reducing debt below threshold. The tribunal erroneously dismissed the application for lack of threshold. NCLAT held, citing SC precedent, that threshold must be assessed at filing time, not admission time. The tribunal committed patent error and matter was remanded for fresh consideration in accordance with law. en-us Wed, 14 May 2025 00:00:00 +0530 Thu, 15 May 2025 16:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771264 The NCLAT Principal Bench allowed an appeal against dismissal of a Section 9 IBC application. The appellant filed the application when debt exceeded Rs. 1 crore threshold (Rs. 1,16,25,583), but respondent deposited Rs. 20 lakh during pendency, reducing debt below threshold. The tribunal erroneously dismissed the application for lack of threshold. NCLAT held, citing SC precedent, that threshold must be assessed at filing time, not admission time. The tribunal committed patent error and matter was remanded for fresh consideration in accordance with law. Case-Laws IBC Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771264