Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 867 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Operational Debt - existence of debt and dispute or not - HELD THAT:- The Corporate Debtor has committed default in payment of the “operational debt” which is due and payable by the Corporate Debtor to the Operational Creditor. Further, in the present case it is seen from the records that the Corporate Debtor has not preferred to reply to the Demand Notice issued by the Operational Creditor in spite of receiving the same. Further in relation to the ‘Pecuniary Jurisdiction’ even though the ‘Threshold Limit’ has been raised to ₹ 1 Crore as and from 24.03.2020 by virtue of a Notification issued under Section 4 of IBC, 2016, as regards the present Application, it is seen that the default has arisen well before the Notification effected in increasing the threshold limit from ₹ 1 lakh to ₹ 1 crore as on and from 24.03.2020 and the claim made thereof in the Petition filed on 30.01.2020, which exceeds a sum of ₹ 1 lakh, this Tribunal has got the ‘Pecuniary Jurisdiction’ to entertain this Petition, as filed by the Operational Creditor. The Petition as filed by the Operational Creditor is required to be admitted under Section 9(5) of the IBC, 2016 - Application admitted - moratorium declared.
|