The case involves M/s. Kitagawa India Pvt Ltd (Petitioner) filing a Corporate Insolvency Resolution Process (CIRP) application against M/s. Galaxy Machinery Pvt Ltd (Respondent) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed as CP (IB) No. 51/BB/2022 before the National Company Law Tribunal (NCLT), Bengaluru Bench. The debt claimed in the application is Rs. 33,08,318, which is less than the revised threshold of Rs. 1 Crore as per the amendment to Section 4 of the IBC, 2016, effective from March 24, 2020.
M/s. Kitagawa India Pvt Ltd filed a Corporate Insolvency Resolution Process (CIRP) application (CP (IB) No. 51/BB/2022) against M/s. Galaxy Machinery Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The claimed debt amount is Rs. 33,08,318, which is less than Rs. 1 Crore. The application was filed on November 2, 2021, after the amendment to Section 4 of the IBC, 2016, which raised the minimum threshold for initiating CIRP to Rs. 1 Crore, effective from March 24, 2020. The NCLAT, in Jumbo Paper Products Vs. Hansraj Agrofresh Pvt Ltd., clarified that the increased threshold applies to applications filed on or after March 24, 2020, irrespective of the debt's origination date. This clarification is crucial because it determines whether the
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The amendment to Section 4 of the IBC, 2016,…
The NCLAT clarified that the increased…
The case involves M/s. Kitagawa India Pvt Ltd (Petitioner) filing a Corporate Insolvency Resolution Process (CIRP) application against M/s. Galaxy Machinery Pvt Ltd (Respondent) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed as CP (IB) No. 51/BB/2022 before the National Company Law Tribunal (NCLT), Bengaluru Bench. The debt claimed in the application is Rs. 33,08,318, which is less than the revised threshold of Rs. 1 Crore as per the amendment to Section 4 of the IBC, 2016, effective from March 24, 2020.
M/s. Kitagawa India Pvt Ltd filed a Corporate Insolvency Resolution Process (CIRP) application (CP (IB) No. 51/BB/2022) against M/s. Galaxy Machinery Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The claimed debt amount is Rs. 33,08,318, which is less than Rs. 1 Crore. The application was filed on November 2, 2021, after the amendment to Section 4 of the IBC, 2016, which raised the minimum threshold for initiating CIRP to Rs. 1 Crore, effective from March 24, 2020. The NCLAT, in Jumbo Paper Products Vs. Hansraj Agrofresh Pvt Ltd., clarified that the increased threshold applies to applications filed on or after March 24, 2020, irrespective of the debt's origination date. This clarification is crucial because it determines whether the
…The amendment to Section 4 of the IBC, 2016,…
The NCLAT clarified that the increased…