TMI Blog2022 (6) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 30.10.2013, amounting to Rs. 12,34,051/- for the good supplied by the applicant, which was duly accepted by the corporate debtor without any dispute or demur. c. The Operational Creditor submits that out of the total invoice amount he made of payment of Rs. 7,76,123/- and an amount of Rs. 4,97,902/- remained unpaid. d. That the parties were engaged in regular business till 16.01.2015 Pursuant to which both the parties entered into a final settlement summarizing that all the previous invoices issued by the applicant shall be settled via invoice raised by the Corporate Debtor for Rs. 16,16,819/- towards buy back of good by the applicant. e. That in terms of the Settlement Agreement the last payment was received on 01.06.2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade on 10.02.2014 which is also barred by limitation. (c) That the application has not been filed in accordance with the provisions of Section 9(3)(c) of the Code as no certificate from the financial institution confirming that no payment was made by the corporate debtor. Further submitted that application is incomplete in terms of Section 9 of the Code. (d) It is further submitted that there was a pre-existing dispute with respect to the quality of the goods supplied. However, the applicant failed to address the issue of the corporate debtor, therefore, the corporate debtor stopped purchasing goods since 01.06.2016 onwards. 5. We have heard Ld. Counsel for both the parties, perused the averments made in the application and re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 24.3.2020 makes it unambiguously clear that the threshold limit to be considered for section 9 applications will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s. 7 or 9 on or after 24.3.3020 even if the debt is of date earlier than 24.03.2020. In this regard reference can also be made to citation of Prafulla Purushottamrao Gadge V. Narayan Mangal Anr. (Comp. App. (AT) (Ins.) No. 498 of 2022). Further in the present application the Operational Creditor demanded Rs. 4,97,902/- and the said amount doesn't fall within the threshold limit. As per the notification the date of the filing has to be seen and the date of the default or the date of the demand notice, shall be immaterial. The date of filing in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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