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2022 (6) TMI 1185 - 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 - threshold limit applicable on debt arising post 24.03.2020 - Section 4 of the IBC, 2016 - HELD THAT:- On perusal of records it is seen that the present IB/1424/ND/2019 had been revived vide order dated 31.03.2022 in IA 1399/ND/2022 and the amount of debt claimed by the Applicant in the said application was Rs. 4,97,902/- as on 31.03.2022. Therefore, the notification of MCA dated 24.3.2020, shall be applicable on the present application. As per notification of MCA dated 24.3.2020, the threshold limit to be considered for application filed u/s. 7 or 9 will be Rs. 1 Crore. This threshold limit will be applicable for applications filed on or after 24.3.3020 even if the debt is of date earlier than 24.03.2020. Since the present application under section 9 of the code had been revived on 31.03.2022, therefore the threshold limit of Rs. 1 Crore of debt will be applicable in the given facts. 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. Henceforth, for the above-mentioned reasons, the present Application cannot be admitted. Application dismissed being not maintainable.
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