2022 (6) TMI 104

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....tha, Member (T) ORDER Dharminder Singh, Member (J) 1. This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in resp....

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.... The Operational Creditor also stated that the Corporate Debtor has accepted his liability via email dated 03.02.2021 and the same was before the issuance of the demand notice. d. The Operational Creditor sent a Demand Notice dated 19.07.2021 demanding payment of an unpaid operational debt as per provisions under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authori....

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....can be applied retrospectively only if explicit provision regarding its retrospective application is made in the statute. It is seen that notification of MCA dated 24.3.2020 makes it unambiguously clear that the threshold limit to be considered for section 9 application will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s. 7 or 9 on or after 24.3.3020 even if the ....