Arrowline Organic Products Pvt Ltd.

The Limit under Sec. 4 of IBC, can be considered only as prospective, (i.e.) applicable from 24.03.2020, applicable on the date when the main Company Petition was filed, proceeded with and when the matter was finally heard and reserved, not on the date of order- M/s Arrowline Organic Products Pvt Ltd.  Vs. M/s Rockwell Industries Ltd – NCLT

NCLT held that the Notification issued by the Central Government through the Ministry of Corporate Affairs dated 24.03.2020 bearing S.0 1205(E), in view of the detailed discussions in relation to the issue of its Applicability, can be considered only as prospective, (i.e.) applicable from 24.03.2020. The law which was prevalent on the date when the main CP in IBA/ 1031/2019 was filed, proceeded with and when the matter was finally heard and reserved thereafter on 04.03.2020, is required to be disposed of by this Tribunal considering only the pecuniary limits of Rs.1 Lakh for maintaining a Petition under Section 9 of I&B Code, 2016 by an Operational Creditor, and in the circumstances, this Tribunal at the time of pronouncement hence was not lacking in pecuniary jurisdiction. This Application hence stands dismissed, however without costs.

The Limit under Sec. 4 of IBC, can be considered only as prospective, (i.e.) applicable from 24.03.2020, applicable on the date when the main Company Petition was filed, proceeded with and when the matter was finally heard and reserved, not on the date of order- M/s Arrowline Organic Products Pvt Ltd.  Vs. M/s Rockwell Industries Ltd – NCLT Read Post »

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