SS Group Pvt. Ltd. Vs. Shiva Asphaltic Products Pvt. Ltd.

SS Group Pvt. Ltd. Vs. Shiva Asphaltic Products Pvt. Ltd. – NCLT New Delhi Bench Court-V

The Adjudicating Authority observes that a bare perusal of the decision of the NCLAT in Jumbo Paper Products Vs. Hansraj Agrofresh Pvt. Ltd. (2021) ibclaw.in 497 NCLAT shows that the Hon’ble NCLAT after considering the earlier decisions held that the threshold limit will be applicable for application filed under Section 7 or 9 on or after 24th March, 2020, even if, the debt is of a date earlier then 24th March, 2020. Since the present application is filed on 23rd September, 2021 after the notification dated 24th March 2020, therefore, in our considered view, in view of the decision to supra, as the defaulted amount is less than Rs. 01 crore, therefore, the present application is not maintainable in terms of Section 4, IBC. Accordingly, the same is dismissed.

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