2022 (2) TMI 1431

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....hok Kumar Mishra, Member (Technical) And Dr. Alok Srivastava, Member (Technical) For Appellants: Mr. Akhil Krishan Maggu, Advocate. For Respondent: Mr. Shailender Kumar, Advocate. ORDER Heard Learned Counsel for the Appellant as well as Counsel appearing for the Respondent- Operational Creditor. 2. This Appeal has been filed against an order dated 29.09.2021 passed by the Adjudicating Authori....

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.... petition has been filed on 10.08.2020 and the default amount is Rs. 39 Lakhs approximately whereas the threshold for filing a petition under Section 9 was raised to Rs. 1 Crore w.e.f. 24.03.2020. The Counsel for the Petitioner prayed for time to seek fresh instructions from his client. At request, time is enlarged. List the matter on 01.03.2021." 4. Subsequently, Application was proceeded and ....

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....issions of the Counsel for the parties and perused the record. 8. By Notification dated 24.03.2020, the threshold for entertaining an Application under Section 9 has been raised from Rs. 1 Lakh to Rs. 1 Crore. The Notification and the provisions for increasing threshold, shall operate Comp. App. (AT) (Ins.) No. 129 of 2022 prospectively i.e. after 24.03.2020. In the present case, the Application ....

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....s not maintainable and deserves to be dismissed. The Adjudicating Authority itself although had called upon the Appellant to explain the question for filing the petition but without adverting to the said question issued the interim order on 29.09.2021. In result, we allow this Appeal, set aside the order dated 29.09.2021 and also reject the Application No. IB-100/(ND)/2021 which does not fulfil th....