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2021 (6) TMI 702 - Tri - Insolvency and BankruptcyReopening/Revival of application on account of default in payment by the Corporate Debtor - HELD THAT:- In the present case, the prayer of the operational creditor becomes pertinent in light of the fact that the minimum threshold of default under section 4 of IBC 2016 has been raised from Rupees One Lakh to Rupees One Crore vide Notification F. No. 30/09/2020 dated 24th March, 2020 issued by the Ministry of Corporate Affairs. Further, if we did not revive the IBA, it will give further room to the Corporate Debtor to violate settlement arrived before 24.03.2020, they defeat the very spirit of IBC. Hence, if terms of compromise are not honoured, there the IBA shall be reverted to its original position and the Adjudicating Authority shall take up the same for Adjudication. The Hon'ble Supreme Court also in the matter of Ess Investments vs. Lokhandwala Infrastructure [2020 (6) TMI 597 - SUPREME COURT] held that the National Company Law Tribunal can restore a 'Petition' which was dismissed as an 'infructuous one'. Application allowed.
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