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 Rs. 90,36,403/-, which is less than Rupees One Crore. The application was deemed not maintainable because the default amount was below the threshold specified in the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, read with Section 4 of the IBC, 2016. The Hon'ble NCLAT's judgment dated 25th October 2021 in the matter of Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd. supported this decision. The issue in the NCLAT judgment is pending before the Supreme Court. The application was disposed of, but

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 Rs. 90,36,403/-, which is less than Rupees One Crore. The application was deemed not maintainable because the default amount was below the threshold specified in the Notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020, read with Section 4 of the IBC, 2016. The Hon'ble NCLAT's judgment dated 25th October 2021 in the matter of Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd. supported this decision. The issue in the NCLAT judgment is pending before the Supreme Court. The application was disposed of, but