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2022 (8) TMI 1470 - AT - Insolvency and BankruptcyDismissal of Application filed by the Appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 - dismissed on the ground that it does not fulfil the threshold as provided in Section 4 of the Code - HELD THAT:- Section 4 of the Code provided initially threshold of Rs. 1 Lakh which was substituted vide Notification dated 24th March, 2020 to 1 Crore. The Submissions which has been pressed by the Learned Counsel for the Appellant is that the notification being prospective as has been held by this Tribunal in “Madhusudan Tantia” [2020 (10) TMI 547 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] it should not apply on the default which had occurred prior to 24th March, 2020 - this Tribunal categorically held that Notification dated 24th March, 2020 is only prospective and not a retrospective. This Tribunal held that the said notification will not apply to pending application of IBC. It is clear that Applications under Section 9 filed prior to 24th March, 2020 shall not be affected by the Notification dated 24th March, 2020 and notification being prospective shall apply to Applications filed thereafter. The provision is clear that the amendment shall come into force after its publication in the Gazette and Application filed thereafter has to fulfil the threshold as provided in Section 4 i.e. threshold of Rs. 1 Crore. The Application in the Appellant’s case filed on 27th March, 2021 was rightly hit by threshold of Rs. 1 Crore as implemented with effect from 24th March, 2020. There is no error in the Order of the Adjudicating Authority - Appeal dismissed.
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