TMI Blog2022 (2) TMI 1431X X X X Extracts X X X X X X X X Extracts X X X X ..... Notification and the provisions for increasing threshold, shall operate Comp. App. (AT) (Ins.) No. 129 of 2022 prospectively i.e. after 24.03.2020 - In the present case, the Application was filed by the Operational Creditor on 10.08.2020 i.e. subsequent to above Notification raising the threshold. The amount claimed in Section 9 Application only Rs. 39 Lakh hence, it was less than the threshold and Application ought to have been thrown out on this ground. The Adjudicating Authority on 16.02.2021 has noticed the question and has granted time to Petitioner to explain. When the Application itself was not maintainable by virtue of Notification dated 24.03.2020, there was no necessity to proceed any further or pass any interim order as passed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re w.e.f. 24.03.2020. The Counsel for the Petitioner prayed for time to seek fresh instructions from his client. At request, time is enlarged. List the matter on 01.03.2021. 4. Subsequently, Application was proceeded and now impugned order has been passed on 29.09.2021 as noted above. 5. Learned Counsel for the Appellant submits that the Application filed by the Operational Creditor itself was not maintainable since the amount claimed was less than the threshold which has been provided by Notification dated 24.03.2020 of Rs. 1 Crore. He submits that the Application being not maintainable, the Adjudicating Authority ought to have rejected the same and not passed the impugned order on 29.09.2021. 6. Learned Counsel for the Operational Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be dismissed. The Adjudicating Authority itself although had called upon the Appellant to explain the question for filing the petition but without adverting to the said question issued the interim order on 29.09.2021. In result, we allow this Appeal, set aside the order dated 29.09.2021 and also reject the Application No. IB-100/(ND)/2021 which does not fulfil the statutory requirements under Section 4 of the Code. The Appeal is allowed setting aside the order dated 29.09.2021 passed by the Adjudicating Authority as well as rejecting Application No. IB- 100/(ND)/2021. 10. Registry shall forward the copy of this order to the National Company Law Tribunal, Court No.III to place copy of this order in the record and to Comp. App. (AT) (Ins.) N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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