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TMI Blog2022 (3) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... s an application filed under Section 9 of Insolvency and Bankruptcy Code, 2016 filed by Eureka Forbes Ltd. for initiation of Corporate Insolvency Resolution Process against M/s. B L Kashyap & Sons Ltd., the respondent Corporate Debtor. 2. As per averments made in the petition, the applicant supplied goods like effluent pumps, sludge pumps & filter feed pumps for Water Treatment Plant of Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication for initiation of Corporate Insolvency Resolution Process the applicant must prove that the default committed by the Corporate Debtor is Rs. 1 Crore or more. The relevant provision of Section 4 has been reproduced below: "4. Application of this Part.-(1) This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... andemic, the Government notified the minimum amount of default as Rs. 1 Crore instead of Rs. 1 Lakh. 8. In respect of applicability of the aforementioned amendment Hon'ble Kerala High Court in the matter of M/S. Tharakan Web Innovations Pvt. Ltd. Vs. NCLT & Ors. WP(C) No. 27636 OF 2020 vide its order dated 01.02.2022 has observed as follows: "......Once that is the position, the application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Process on 09.10.2021. The amount of default as claimed by the applicant is less than the threshold limit defined under Section 4 of the Code. Therefore, the present case is not maintainable in terms of provisions of Section 4 of the Code. 10. Resultantly, the present application stand rejected as not maintainable with no order as to costs. Let the copy of the order be served to the parties. Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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