A bare perusal of the Section 4 of IBC makes it clear that the amount of default as on date of filing of the application should be within the prescribed threshold when the application is filed – M/s Inter Plaza Impex LLP & Ors. Vs. M/s Columbus Overseas LLP – NCLT Jaipur Bench
In this case, the Applicant on one hand has filed the Application on 22.06.2020 to ensure that it is within limitation period whereas on the other hand the Applicant is trying to calculate the claim amount till date i.e. 31.08.2022 to fall within the prescribed threshold limit of One Crore. From the actions of the Applicant, we can clearly perceive that the Applicant is trying to obtain the best of both worlds by filing the application within limitation period i.e. a period of 3 years from the date of default and at the same time, the computation of interest is being made till 31.08.2022 i.e. 2 years after the date of filing of the petition. NCLT held that the said representation of the applicant in computing the interest till date to ensure that the application falls within the threshold limit is clearly flawed. This Adjudicating Authority does not appreciate such absurd submissions.
