2021 (10) TMI 1279

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ction 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called IBC). 3. The Learned Counsel for the Appellant-Operational Creditor has argued that Operational Creditor used to provide corrugated paper boxes/cartons to the Corporate Debtor and he has claimed that the Corporate Debtor never raised any dispute about quality or quantity of the supplied goods when he was supplying them. Since some payment was pending with the Corporate Debtor, the Operational Creditor sent demand notice under section 9 to the Corporate Debtor. In reply to this demand notice, the Corporate Debtor again did not advert to any pre-existing dispute about the quality or quantity of the goods supplied but only sought time to clear the dues. The Operational ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lt is one lakh rupees. Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees." 7. The notification No. S.O. 1205 (E) dated 24.3.2020 issued by the Ministry of Corporate Affairs is reproduced below:- As can be seen from the notification, the threshold limit of debt has been raised from Rs. 1 lakh to Rs. 1 crore. Accordingly application under section 7 or section 9 will be admissible only if debt in default is more than the threshold amount of Rs. 1 crore. 8. The Appellant has cited the judgment of Hon'ble NCLAT in the matter of Madhusudan Tantia Vs. Amit Choraria & Anr. in CA (AT) (Ins) No. 557 of 2020 to claim that ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....3.9.2020, therefore the threshold limit of Rs. 1 crore of debt will be applicable in the present case. 11. For the above mentioned reasons, we do not find cogent reason to admit the appeal. It is, therefore, dismissed at the stage of admission. ============= Document 1 भारत राजपत्र का The Gazette of India 10761 No. 1076 सी. जी. डी. एम. - 31-24032020-218898 [[CG-DL-E-24932020-215898 असाधारण EXTRAORDINARY भाग ॥ खण्ड उप-(8) PART II Section [3]] [[Sub-section] (ii) प्राधिकà....