2022 (4) TMI 997

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....s. 7,78,708/-) for the remaining unpaid Invoices for supply of materials. 2. It is stated that Operational Creditor has supplied various Flexible Packing materials, to the Corporate Debtor as per requirements of the Operational Debtor. The Corporate Debtor was making payments against the supplied goods intermittently. The payments from the Corporate Debtors were delayed and gradually the payments were stopped completely. The total outstanding Invoices against the supplies of materials to the Corporate Debtor is Rs. 1,78,708/- (now Rs. 7,78,708/-). 3. It is also stated that the total debt (default) amount was due since 10.09.2019. Hence, a Demand Notice in Form 3 of unpaid Operational Debts was served on the Corporate Debtor on 06/03/2....

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..../-. 6. In addition to that, the Government of India issued a Gazette Notification No. S.O. 1205(E) which is as under: MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 24th March, 2020 S.O. 1205(E). -In exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby specifies one crore rupees as the minimum amount of default for the purposes of the said section. GYANESHWAR KUMAR SINGH, Jt. Secy. 7. The Demand Notice under Section 8 was issued on 6/3/2020 i.e., prior to 24/3/2020. As already stated above in the notification, the threshold amount for the application filed under Section 9 on 24/3/2020 shall not be less ....

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....ed a cheque issued by the corporate debtor. Explanation. -For the purposes of this section, a "demand notice" means a notice served by an operational creditor to the corporate debtor demanding repayment of the operational debt in respect of which the default has occurred. 10. In this respect two decisions of the Hon'ble NCLAT which are relevant is quoted below:- It has been held in (2022) ibclaw.in 196 NCLAT is as under: "NCLAT holds that a mere running of the eye of the ingredients of Section 9 of the Code makes it lucidly clear that the date of initiation of CIRP shall be on the date on which an application is made. To put it precisely, the date of default is not to come into operative play and the same o....