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2022 (6) TMI 104 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - maintainability of application in terms of Section 4 of the IBC, 2016 - threshold limit involved - HELD THAT:- Notification of MCA dated 24.3.2020 makes it unambiguously clear that the threshold limit to be considered for section 9 application will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s. 7 or 9 on or after 24.3.3020 even if the debt is of date earlier than 24.03.2020 - Since the application under section 9 of the code has been filed on 09.09.2021, therefore the threshold limit of Rs. 1 crore of debt will be applicable in the given facts. In the present application the Operational Creditor demanded Rs. 82,13,604/- and the said amount doesn't come within the threshold limit. In fact, the date of the filing has to be seen and not the date of the default or the date of the demand notice, which is immaterial. The intent of legislation to fix the threshold limit was to save the Companies from being rotted to NCLT for initiation of CIRP proceedings, due to COIVD-19 effect. The said notification was always prospective in nature but having retrospective repercussion also. Hence, even if the amount was due prior to 24.03.2020 and the demand notice was send prior to that the petition u/s. 7 or 9 of the Code cannot be filed against the Corporate Debtor. Application not maintainable and is dismissed.
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