This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the Appellant/Operational Creditor to set aside an order dated 27.04.2021 passed by the National Company Law Tribunal, Principal Bench, New Delhi (Adjudicating Authority). The Adjudicating Authority dismissed the application filed by the Appellant under Section 9 of the Code, deeming it not maintainable because the Appellant did not meet the threshold limit of default as per the notification dated 24.03.2020 issued under Section 4 of the Code.
Tiger Logistics (India) Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Sanjay Gupta. The National Company Law Tribunal (NCLT) dismissed the application because Tiger Logistics did not meet the threshold limit of default as per the notification dated 24.03.2020 issued under Section 4 of the Code. Tiger Logistics then filed an appeal under Section 61 of the IBC against the NCLT's order. The core issue is whether an application filed under Section 9 of the Code after the cutoff date of 24.03.2020, when the pecuniary jurisdiction was enhanced from Rs.1 lakh to Rs. 1 Crore, can be entertained. The default claim amount was Rs. 24 lakhs and odd. The appeal was filed after the amendment enhancing the pecuniary jurisdiction.
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Notification issued…
National Company Law Tribunal, Principal Bench,…
This is an appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the Appellant/Operational Creditor to set aside an order dated 27.04.2021 passed by the National Company Law Tribunal, Principal Bench, New Delhi (Adjudicating Authority). The Adjudicating Authority dismissed the application filed by the Appellant under Section 9 of the Code, deeming it not maintainable because the Appellant did not meet the threshold limit of default as per the notification dated 24.03.2020 issued under Section 4 of the Code.
Tiger Logistics (India) Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Sanjay Gupta. The National Company Law Tribunal (NCLT) dismissed the application because Tiger Logistics did not meet the threshold limit of default as per the notification dated 24.03.2020 issued under Section 4 of the Code. Tiger Logistics then filed an appeal under Section 61 of the IBC against the NCLT's order. The core issue is whether an application filed under Section 9 of the Code after the cutoff date of 24.03.2020, when the pecuniary jurisdiction was enhanced from Rs.1 lakh to Rs. 1 Crore, can be entertained. The default claim amount was Rs. 24 lakhs and odd. The appeal was filed after the amendment enhancing the pecuniary jurisdiction.
Notification issued…
National Company Law Tribunal, Principal Bench,…