# In the matter of India Property Online  Private Limited C.P.(IB)-105(CHE)-2021

> NCLT judgment dated 2021-11-02. Citation: TCN-2021-NCLT-00617. The case involves an application filed by Ravi Janakiraman, the Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 2 Nov 2021
- **Citation:** TCN-2021-NCLT-00617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/india-property-online-private-limited-cpib-105che-2021-603d0a49

## Summary

### Background

The case involves an application filed by Ravi Janakiraman, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against India Property Online Private Limited, the Corporate Debtor. The amount claimed to be in default is Rs. 4,03,144/-, with the date of default being 12.09.2018. The petition was filed electronically on 08.05.2021 and physical copies were received on 14.07.2021. The Corporate Debtor raised a preliminary issue regarding the maintainability of the application, arguing that the default amount is below the minimum threshold for initiating the corporate insolvency resolution process as per Notification No.S.O.1205 (E) issued under Section 4 of IBC, 2016, dated 24.03.2020.

## Facts

Ravi Janakiraman, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against India Property Online Private Limited, the Corporate Debtor. The amount claimed to be in default is Rs. 4,03,144/-, and the date of default is 12.09.2018. The application was filed on 08.05.2021. The Corporate Debtor raised a preliminary issue regarding the maintainability of the application, stating that the alleged default claimed is less than the minimum threshold of default for initiation of corporate insolvency resolution process as revised by Notification No.S.O.1205 (E) issued under Section 4 of IBC, 2016 dated 24.03.2020. The Hon'ble NCLAT in the Company Appeal (AT) (Ins) No.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is maintainable …

**Ratio:** The threshold limit for initiating corporate insolvency resolution process under Section

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**Reasoning:** The NCLT relied on the NCLAT's decision in Jumbo Paper Products v/s Hansraj Agrofresh

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**Interpretation:** The notification dated 24.03.2020 increased the threshold for initiating CIRP.

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**Application:** In this case, the amount claimed to be in default was Rs. 4,03,144/-, which is

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** Ravi Janak…
- **Respondents:** India Property…

## Timeline

- **2018-12-09 — Date of D…**: The date of default is…
- **2020-03-24 — Notification…**: Notification No.S.O.1205 (E) issued under Section 4 of IBC, 2016, revising the minimum…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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