Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (11) TMI 947 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - time limitation - threshold limit for filing appeal - existence of debt and dispute or not - HELD THAT:- In Part-IV of the application, the total amount of default mentioned is of ₹ 3,00,438/- and the date of default are of 17.07.2018 for the site Sector-48, Gurgaon and 04.09.2018 for site Emerald Plaza, Sector-65 Gurgaon. The present application is filed on 11.09.2021, much after the issuance of the notification. Of course, the date of default mentioned in Part-IV of the application, according to the applicant, is prior to the issuance of the notification, i.e. relates to the month of September 2018. Since vide Notification dated 24.03.2020 the minimum threshold for initiation of CIRP as per Section 4 of IBC is ₹ 1 crore, and the defaulted amount as per Part-IV of the application is of only ₹ 3,00,438/-, therefore, the application does not fulfill the minimum threshold limit to trigger the Corporate Insolvency Resolution Process. The present application is not maintainable in terms of Section 4 of IBC. Therefore, it is needless to consider the issue of limitation - Application dismissed.
|