TMI Blog2022 (8) TMI 1470X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmissions which has been pressed by the Learned Counsel for the Appellant is that the notification being prospective as has been held by this Tribunal in Madhusudan Tantia [ 2020 (10) TMI 547 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] it should not apply on the default which had occurred prior to 24th March, 2020 - this Tribunal categorically held that Notification dated 24th March, 2020 is only prospective and not a retrospective. This Tribunal held that the said notification will not apply to pending application of IBC. It is clear that Applications under Section 9 filed prior to 24th March, 2020 shall not be affected by the Notification dated 24th March, 2020 and notification being prospective shall apply to Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he has placed reliance on a Judgment of this Tribunal in the matter of Madhusudan Tantia Vs. Amit Choraria Anr. , (2020) SCC OnLine NCLAT 713. 5. We have considered the submissions of Learned Counsel for the parties and perused the record. 6. Section 4 of the Code provided initially threshold of Rs. 1 Lakh which was substituted vide Notification dated 24th March, 2020 to 1 Crore. The Submissions which has been pressed by the Learned Counsel for the Appellant is that the notification being prospective as has been held by this Tribunal in Madhusudan Tantia (supra) it should not apply on the default which had occurred prior to 24th March, 2020. We have perused the Judgment of this Tribunal in Madhusudan Tantia . In the above case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applications of IBC (filed earlier to the notification in issue) it will create absurd results of wider implications / complications. 57. In view of the upshot and also this Tribunal, on a careful consideration of respective contentions advanced on either side and considering the facts and circumstances of the instant case in a conspectus fashion holds unhesitatingly that the notification dated 24.03.2020 of the Ministry of Corporate Affairs, Government of India, is prospective in nature and it is not retrospective or retroactive in nature. Further, the said notification will not apply to the pending applications filed before the concerned Adjudicating Authority (Authorities), under IBC (waiting for admission), prior to the issuanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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