# In the matter of Shrenik Ltd. CP(IB)-54(AHM)2022

> NCLT judgment dated 2022-04-22. Citation: TCN-2022-NCLT-04924. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 on…

- **Court:** NCLT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLT-04924
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/shrenik-ltd-cpib-54ahm2022-e830a2b4

## Summary

### Background

The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 on 16.02.2022.

## Facts

The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016.

The application was filed on 16.02.2022.

The default amount is stated to be Rs. 19,68,404/-.

The application is below the threshold as per the notification of the Ministry of Corporate Affairs dated 24th March, 2020, read with Section 4 of the IBC, 2016.

The Hon'ble NCLAT passed a judgment on 25th October 2021 in the matter of Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd.

The issue in the said judgment of Hon'ble NCLAT is pending for decision before the Hon'ble Supreme Court.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC is maintainable given the default amount and the …

**Ratio:** The application is not maintainable if the default amount is below the threshold

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**Reasoning:** The court relied on the notification of the Ministry of Corporate Affairs and Section 4

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**Interpretation:** The threshold for maintainability of an application under Section 9 of the IBC

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**Application:** Since the default amount was below the threshold, the application was deemed

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Vivek Rakesh…
- **Respondents:** Shrenik…
- **Advocates:** Harsh Pra…; Narendra…; +1 more

## Timeline

- **2022-02-16 — Application Fi…**: Application filed under Section 9 of the…
- **2022-04-22 — Order Del…**: Order delivered by the…

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