# In the matter of Atharva Poly-Plast Private Limited C.P. (IB)-530(MB)2022

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-02993. The case pertains to CP.530/2022, an insolvency petition filed by an operational creditor. The…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-02993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/atharva-poly-plast-private-limited-cp-ib-530mb2022-5432ee87

## Summary

### Background

The case pertains to CP.530/2022, an insolvency petition filed by an operational creditor. The petition was registered on 2022-04-25. The claim amount in the petition is Rs. 6.50 Lakh, which is below the threshold limit for maintainability.

## Facts

The operational creditor filed an insolvency petition, CP.530/2022, which was registered on 2022-04-25. The claim amount in the petition was Rs. 6.50 Lakh. The court found that this amount was significantly below the threshold limit of Rs. 1 Crore required for the petition to be maintainable. Consequently, the court dismissed the petition.

## Issues and analysis

### Issue 1: Whether the insolvency petition is maintainable given that the claim amount is below the statutory …

**Ratio:** A petition under the Insolvency and Bankruptcy Code is not maintainable if the claim

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**Reasoning:** The court reasoned that the claim amount of Rs. 6.50 Lakh is far below the minimum

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**Interpretation:** The threshold limit is a statutory requirement that must be met for an

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**Application:** In this case, the claim amount of Rs. 6.50 Lakh is below the Rs. 1 Crore

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** Kkalpana Industrie…
- **Respondents:** Atharva Poly-Plast…
- **Advocates:** Disha…

## Timeline

- **2022-04-25 — Petition Regi…**: CP.530/2022 was…
- **2022-04-23 — Petition…**: The petition was filed by…

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