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2022 (2) TMI 1431 - AT - Insolvency and BankruptcyRestraining the Corporate Debtor, its directors, employees, agents, assignees etc. from disposing of their immoveable (Plant & machinery and other fixed assets) and immoveable property - threshold limit involved in Section 9 Application - HELD THAT:- 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 was filed by the Operational Creditor on 10.08.2020 i.e. subsequent to above Notification raising the threshold. The amount claimed in Section 9 Application only Rs. 39 Lakh hence, it was less than the threshold and Application ought to have been thrown out on this ground. The Adjudicating Authority on 16.02.2021 has noticed the question and has granted time to Petitioner to explain. When the Application itself was not maintainable by virtue of Notification dated 24.03.2020, there was no necessity to proceed any further or pass any interim order as passed on 29.09.2021 - application not maintainable and deserves to be dismissed - appeal allowed.
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