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2022 (1) TMI 515 - AT - Insolvency and BankruptcyMaintainability of application - Actionable claim - vested right in respect of a ‘Fora’, albeit he has a ‘Actionable Right’ - Section 7 or 9 of of I&B Code - HELD THAT:- This ‘Tribunal’ aptly points out that a change in Law is undoubtedly a procedural one. A party is to resort to the change under the I&B Code, despite the fact that his/its actionable right of ‘cause of action’ had arisen earlier to an amendment that has been brought about, increasing the threshold limit to ₹ 1 Crore (vide Notification dated 24.03.2020) issued by the ‘Ministry of Corporate Affairs’ in S.O.1205€) for considering the Application filed under Section 7 or 9 of of I&B Code on after 24.03.2020, even if the ‘Debt’ is of a date prior to 24.03.2020. In law, a Party has no vested right in respect of a ‘Fora’, albeit he has a ‘Actionable Right’. After all, the impediment in Section 10(A) of the I&B Code is to be viewed from the point of view of the purpose and object sought to be achieved in enacting the same by the Parliament in its wisdom. The limit envisaged under Section 4 of the IBC Code, which was originally for ₹ 1 lakh was increased to ₹ 1 crore by the Central Government through a Notification darted 24.03.2020 thereby the jurisdiction of the ‘Adjudicating Authority’ was raised from ₹ 1 lakh to ₹ 1 crore. Admittedly, the amount mentioned in the Application before the ‘Adjudicating Authority’ was ₹ 84,65,550/- and in fact, the Application was filed on 15.09.2020 by the Applicant before the ‘Adjudicating Authority’ on which date the amendment to Section 4 of the IBC has come into force/existence. The Application ‘is not maintainable’ - Appeal dismissed.
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