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 default amount was stated to be Rs. 90,36,403, which is less than Rupees One Crore. As per the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, read with Section 4 of the IBC, 2016, this application is below the threshold and not maintainable. The Hon'ble NCLAT's judgment dated 25th October 2021 in the matter of Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd. supports this. The issue in the said judgment of Hon'ble NCLAT is pending for decision before the Hon'ble Supreme Court. Subject to the outcome of the decision

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 default amount was stated to be Rs. 90,36,403, which is less than Rupees One Crore. As per the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, read with Section 4 of the IBC, 2016, this application is below the threshold and not maintainable. The Hon'ble NCLAT's judgment dated 25th October 2021 in the matter of Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd. supports this. The issue in the said judgment of Hon'ble NCLAT is pending for decision before the Hon'ble Supreme Court. Subject to the outcome of the decision