2022 (3) TMI 278

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rminder Singh, Member (J) 1. This is an application filed under Section 9 of Insolvency and Bankruptcy Code, 2016 filed by Eureka Forbes Ltd. for initiation of Corporate Insolvency Resolution Process against M/s. B L Kashyap & Sons Ltd., the respondent Corporate Debtor. 2. As per averments made in the petition, the applicant supplied goods like effluent pumps, sludge pumps & filter feed pump....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s per Section 4 of the Code, in order to file application for initiation of Corporate Insolvency Resolution Process the applicant must prove that the default committed by the Corporate Debtor is Rs. 1 Crore or more. The relevant provision of Section 4 has been reproduced below: "4. Application of this Part.-(1) This Part shall apply to matters relating to the insolvency and liquidation of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt large scale insolvencies due to the financial stress caused by the pandemic, the Government notified the minimum amount of default as Rs. 1 Crore instead of Rs. 1 Lakh. 8. In respect of applicability of the aforementioned amendment Hon'ble Kerala High Court in the matter of M/S. Tharakan Web Innovations Pvt. Ltd. Vs. NCLT & Ors. WP(C) No. 27636 OF 2020 vide its order dated 01.02.2022 has....