# In the matter of Gunatitay Infrastructure Pvt. Ltd. CP(IB) 404 of 2020

> NCLT judgment dated 2022-04-22. Citation: TCN-2022-NCLT-03123. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 on…

- **Court:** NCLT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLT-03123
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gunatitay-infrastructure-pvt-ltd-cpib-404-of-2020-ff241246

## Summary

### Background

The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 on 28.12.2020. The default amount is stated to be Rs. 23,04,564/-. The application was deemed below the threshold and not maintainable as per the notification of the Ministry of Corporate Affairs, New Delhi, dated 24th March, 2020 read with Section 4 of the IBC, 2016.

## Facts

J.P Textile Timber Traders filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Gunatitay Infrastructure Pvt Ltd on 28.12.2020. The stated default amount was Rs. 23,04,564/-. The application was considered below the threshold and not maintainable according to the Ministry of Corporate Affairs notification dated 24th March, 2020, read with Section 4 of the IBC, 2016. The court also considered the NCLAT judgment in Jumbo Papers Products vs. Hansraj Agrofresh Pvt. Ltd., dated 25th October 2021. The issue in the NCLAT judgment is pending before the Supreme Court. The application was disposed of, but the applicant can revive it depending on the Supreme Court's decision.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC is maintainable given the threshold limits …

**Ratio:** Section 4 of the IBC, 2016, read with the notification of the Ministry of Corporate

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**Reasoning:** The court reasoned that the application was below the prescribed threshold and therefore

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**Interpretation:** Section 4 of the IBC and related notifications establish a minimum threshold of

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**Application:** The court applied the threshold limit to the facts of the case, finding that

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** J.P. Textile…
- **Respondents:** Gunatitay…

## Timeline

- **2020-12-28 — Application…**: Application filed under Section 9 of the…
- **2020-03-24 — Notificatio…**: Notification from the Ministry of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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