Even Demand Notice u/s 8 of IBC were issued prior to notification dated 24.03.2020 and CIRP application is filed after the said notification date, new threshold of Rs. 1 crore will apply – Rajesh Sabharwal Vs. Desein Pvt. Ltd. – NCLAT New Delhi
In this case, Demand Notice u/s 8 of IBC issued on 31.01.2020 claiming an amount of Rs. 41,81,024/-. The notice was also replied by the Corporate Debtor on 17.03.2020. MCA exercising its powers has issued a notification dated 24.03.2020 by which the minimum threshold amount to trigger the insolvency was enhanced from Rs. One lakh to Rs. One crore. The CIRP application u/s 9 of IBC was filed by the Appellant on 04.08.2021. Adjudicating Authority has dismissed Section 9 application filed by the Appellant. This appeal has been filed against the said order.
NCLAT held that the similar issue came for consideration in Hyline Mediconz Pvt. Ltd. Vs. Anandaloke Medical Centre Pvt. Ltd. (2022) ibclaw.in 763 NCLAT which fully covers the issues raised in this appeal. The application of the Appellant having been filed on 04.08.2020 i.e. subsequent to 24.03.2020 should fulfil the threshold of Rs. One crore and the Adjudicating Authority did not commit any error in rejecting Section 9 application.
