2022 (8) TMI 1470

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....he Insolvency and Bankruptcy Code, 2016 has been dismissed on the ground that it does not fulfil the threshold as provided in Section 4 of the Code. 3. The Application under Section 9 was filed by the Appellant on 27th March, 2021 for an amount of Rs. 20, 27, 659/- which application has been rejected by the Adjudicating Authority. 4. Learned Counsel for the Appellant submits that since the default in the present case was committed prior to 24th March, 2020 hence the notification dated 24th March, 2020 is not applicable in the present case and the Application ought to have been admitted. In support of his submissions, he has placed reliance on a Judgment of this Tribunal in the matter of "Madhusudan Tantia Vs. Amit Choraria & Anr.", (2020)....

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....ity of 'retrospective' or 'retroactive' operation. Suffice it for this Tribunal to point out that from the tenor, spirit and the plain words employed in the notification dated 24.03.2020 of the Ministry of Corporate Affairs, Government of India, one cannot infer an intention to take or make it retrospective as in this regard, the relevant words are conspicuously absent and besides there being no implicit inference to be drawn for such a construction in the context in issue. That apart, if the notification dated 24.03.2020 of the Ministry of Corporate Affairs, Government of India, is made applicable to the pending applications of IBC (filed earlier to the notification in issue) it will create absurd results of wider implications / complicati....