TMI Blog2021 (10) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... notice under section 8 was issued on 31.7.2019 and the application under section 9 was filed on 5.9.2019. Both these dates are before 24.3.2020, and therefore threshold limit of the debt as per Law at the time the application under section 9 was filed was ₹ 1 lakh - the facts of the instant appeal are not same as the facts in the said judgement, as a result said judgement is not applicable. It is seen that notification dated 24.3.2020 makes it unambiguously clear that the threshold limit to be considered for section 9 application will be ₹ 1 crore. This threshold limit will be applicable for application filed u/s. 7 or 9 on or after 24.3.3020 even if debt is of a date earlier than 24.3.2020. Since the application under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 9 of IBC on 13.9.2020 since there was a debt in default since 27.5.2018 till 23.6.2018. 4. The Adjudicating Authority dismissed the application of the Operational Creditor in view of notification S.O 1205(E) dated 24.3.2020 issued by the Ministry of Corporate Affairs, Government of India on the ground that the alleged debt that is claimed to be payable in application under section 9 is below the threshold limit stipulated in the said notification. 5. The Ld. Counsel for Appellant has also argued that the notification cannot be applied retrospectively, as has been held in the judgment of NCLAT in Company Appeal (AT) (Insolvency) No. 557 of 2020 dated 12.10.2020 since the notification of the Ministry of Corporate Affairs issued o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pra) has only prospective effect. Hence the ratio of this judgment supports his contention and this Appeal should be admitted. The Ld. Counsel of Appellant has also cited the judgments of Hon'ble Apex Court in Union of India Ors. Vs M/s. G.S. Chatha Rice Mills Anr., Civil Appeal No. 3249 of 2020 and Union of India v M.C. Ponnose. 9. A perusal of the judgment in Madhusudan Tantia case (supra) shows that the demand notice under section 8 was issued on 31.7.2019 and the application under section 9 was filed on 5.9.2019. Both these dates are before 24.3.2020, and therefore threshold limit of the debt as per Law at the time the application under section 9 was filed was ₹ 1 lakh. We, therefore, do not think the facts of the insta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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