TMI Blog2022 (1) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... ering the Application filed under Section 7 or 9 of of I B Code on after 24.03.2020, even if the Debt is of a date prior to 24.03.2020. In law, a Party has no vested right in respect of a Fora , albeit he has a Actionable Right . After all, the impediment in Section 10(A) of the I B Code is to be viewed from the point of view of the purpose and object sought to be achieved in enacting the same by the Parliament in its wisdom. The limit envisaged under Section 4 of the IBC Code, which was originally for ₹ 1 lakh was increased to ₹ 1 crore by the Central Government through a Notification darted 24.03.2020 thereby the jurisdiction of the Adjudicating Authority was raised from ₹ 1 lakh to ₹ 1 crore. Admittedly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Adjudicating Authority has been raised from ₹ 1 lakh to ₹ 1 Crore. Hence the IBA/638/2020 is hereby dismissed as not maintainable. The Registry shall send the copy of the order to the Applicant. In this connection this Tribunal worth recall and recollect the decision of the Hon ble Supreme Court in Ramesh Kymal V. Siemens Ganesa Renewable Power Pvt Ltd reported in (2021) 3 Supreme Court Cases Page 224 at Spl Pages 235 and 237 whereby and whereunder at paragraph 28, 30, 33, and 34 it is observed as under:- 28. The substantive part of Section 10A is to be construed harmoniously with the first proviso and the explanation. Reading the provisions together, it is evident that Parliament intended to impose a ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a financial creditor, operational creditor or corporate applicant makes an application to the adjudicating authority for initiating the process. On the other hand, the insolvency commencement date is the date of the admission of the application. This distinction is also evident from the provisions of sub-section (6) of Section 7, sub-section (6) of Section 9 and sub-section (5) of Section 10. Section 7 deals with the initiation of the CIRP by a financial creditor; Section 8 provides for the insolvency resolution by an operational creditor; Section 9 provides for the application for initiation of the CIRP by an operational creditor; and Section 10 provides for the initiation of the CIRP by a corporate applicant. 34. NCLAT has explained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat such bar shall not operate in respect of any default committed prior to 25th March, 2020. Also this Tribunal aptly points out that a change in Law is undoubtedly a procedural one. A party is to resort to the change under the I B Code, despite the fact that his/its actionable right of cause of action had arisen earlier to an amendment that has been brought about, increasing the threshold limit to ₹ 1 Crore (vide Notification dated 24.03.2020) issued by the Ministry of Corporate Affairs in S.O.1205 ) for considering the Application filed under Section 7 or 9 of of I B Code on after 24.03.2020, even if the Debt is of a date prior to 24.03.2020. In law, a Party has no vested right in respect of a Fora , albeit he has a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
