TMI Blog2020 (6) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 9 is being entertained. The notification dated 24th March 2020 has changed the `minimum amount of default from one lakh rupees to one crore rupees in respect of `Insolvency Resolution and Liquidation for corporate persons in Part II of the Code. The proceedings in the present case have been commenced under Section 9 of the IBC which is in Part II of the Code. The purpose of the notification was to ensure that Small and Medium Enterprises viz., SMEs and MSMEs are not subjected to Insolvency proceedings during the lockdown or immediately thereafter. The present writ petition accordingly deserves consideration. This is an error by the NCLT, as the notification dated 24th March 2020 was clearly applicable. Subject to the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the NCLT has been increased to ₹ 1 crore. However, in the operative portion of the NCLT s order, the NCLT proceeds on the basis that the defaulted amount is more than ₹ 1 lakh, and has exercised jurisdiction. 4. It is submitted by Mr. Prabhat Kumar, ld. counsel on a query from the Court, that advance copy of the petition was served upon the Respondent No.1 i.e. the Complainant before the NCLT, as also the IRP. Both are based in Gujarat. However, there is no appearance for them today. According to the Petitioner, the dues of the Respondent No.2 would at best be approximately ₹ 10 lakhs. 5. After perusing the records and the pleadings in the petition, it is clear that the purpose of increasing the jurisdiction of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debt or any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. Further: (2) The supply of essential goods or services to the corporate debtor as may be specified sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
