Mr. Vijay Shah, Proprietor of Poly Dye Chem Corporation, filed an application against Advance Syntex Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed on 19.01.2022. The stated default amount is Rs. 90,36,403, which is less than Rupees One Crore. The Ministry of Corporate Affairs notification dated 24th March, 2020, read with Section 4 of the IBC, 2016, sets a threshold. The Hon'ble NCLAT's judgment dated 25th October 2021 in Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd. supports the decision that the application is not maintainable due to being below the threshold. The issue in the NCLAT judgment is pending before the Supreme Court.

Mr. Vijay Shah, Proprietor of Poly Dye Chem Corporation, filed an application against Advance Syntex Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed on 19.01.2022. The stated default amount is Rs. 90,36,403, which is less than Rupees One Crore. The Ministry of Corporate Affairs notification dated 24th March, 2020, read with Section 4 of the IBC, 2016, sets a threshold. The Hon'ble NCLAT's judgment dated 25th October 2021 in Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd. supports the decision that the application is not maintainable due to being below the threshold. The issue in the NCLAT judgment is pending before the Supreme Court.