M/s. Mahaveer Wires Sales Corporation, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Arempee Compressors Private Limited, the Corporate Debtor. The application was based on the Corporate Debtor's alleged default on an operational debt amounting to Rs.2,58,581/- together with interest at 18% from the date of invoice. The application was filed on 08.10.2020. A crucial fact is that the Central Government had issued a notification on 24.03.2020, raising the minimum default threshold required for initiating insolvency proceedings to Rs.1,00,00,000/- (Rupees One Crore). This notification is relevant because the application was filed after the effective date of the notification, and the claimed default

M/s. Mahaveer Wires Sales Corporation, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Arempee Compressors Private Limited, the Corporate Debtor. The application was based on the Corporate Debtor's alleged default on an operational debt amounting to Rs.2,58,581/- together with interest at 18% from the date of invoice. The application was filed on 08.10.2020. A crucial fact is that the Central Government had issued a notification on 24.03.2020, raising the minimum default threshold required for initiating insolvency proceedings to Rs.1,00,00,000/- (Rupees One Crore). This notification is relevant because the application was filed after the effective date of the notification, and the claimed default