Vishnu Oil Mill Private Ltd. filed a writ petition challenging the validity of Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and the order dated 22.12.2021 passed by the National Company Law Tribunal (NCLT), Jaipur Bench, against the petitioner. The petitioner argued that the increase in the threshold limit for triggering Corporate Insolvency Resolution Process (CIRP) from Rs.1 lakh to Rs.1 crore should mean that each individual creditor must have a claim of at least Rs.1 crore for a joint application to be valid.
Vishnu Oil Mill Private Ltd. filed a writ petition challenging the validity of Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and the order dated 22.12.2021 passed by the National Company Law Tribunal (NCLT), Jaipur Bench. The petitioner argued that the increase in the threshold limit for triggering Corporate Insolvency Resolution Process (CIRP) from Rs.1 lakh to Rs.1 crore should mean that each individual creditor must have a claim of at least Rs.1 crore for a joint application to be valid. The petitioner relied on a press release dated 24.03.2021 issued by the Government of India regarding the increase in the threshold of default under Section 4 of the IBC. The petitioner also cited the case of Swiss Ribbons Private Ltd. & Anr. vs. Union of India
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Government of India issued a press release…
Gazette Notification…
Vishnu Oil Mill Private Ltd. filed a writ petition challenging the validity of Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and the order dated 22.12.2021 passed by the National Company Law Tribunal (NCLT), Jaipur Bench, against the petitioner. The petitioner argued that the increase in the threshold limit for triggering Corporate Insolvency Resolution Process (CIRP) from Rs.1 lakh to Rs.1 crore should mean that each individual creditor must have a claim of at least Rs.1 crore for a joint application to be valid.
Vishnu Oil Mill Private Ltd. filed a writ petition challenging the validity of Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and the order dated 22.12.2021 passed by the National Company Law Tribunal (NCLT), Jaipur Bench. The petitioner argued that the increase in the threshold limit for triggering Corporate Insolvency Resolution Process (CIRP) from Rs.1 lakh to Rs.1 crore should mean that each individual creditor must have a claim of at least Rs.1 crore for a joint application to be valid. The petitioner relied on a press release dated 24.03.2021 issued by the Government of India regarding the increase in the threshold of default under Section 4 of the IBC. The petitioner also cited the case of Swiss Ribbons Private Ltd. & Anr. vs. Union of India
…Government of India issued a press release…
Gazette Notification…