Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 154 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - Quantum of minimum amount of default - existence of debt and dispute or not - HELD THAT:- The Notification regarding the enhancement of minimum amount of default to Rs. one crore for the purpose of Section 4 was issued by the Ministry of Corporate Affair on 24th March, 2020 and the amount defaulted by the Corporate Debtor as well as the filing of captioned petition is much earlier to the coming into effect of notification dated 24th March, 2020. Since any notifications issued by the Government are generally prospective in nature unless specifically expressed, hence the said notification is not applicable to the present case. Furthermore, the debt was acknowledged by the corporate debtor by signing the Settlement agreement dated 29th November 2018 annexed as Annexure A-8 with the petition. Application admitted - moratorium declared.
|