# In the matter of Larsen and Toubro Limited C.P.(IB)-1070(MB)-2022

> NCLT judgment dated 2022-12-21. Citation: TCN-2022-NCLT-00089. The case involves a company petition filed on October 11, 2022, claiming an operational debt of…

- **Court:** NCLT
- **Order date:** 21 Dec 2022
- **Citation:** TCN-2022-NCLT-00089
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/larsen-and-toubro-limited-cpib-1070mb-2022-e37bad75

## Summary

### Background

The case involves a company petition filed on October 11, 2022, claiming an operational debt of Rs. 40,71,626. This debt claim arose after the MCA notification dated March 24, 2020, which raised the threshold limit from Rs. 1 lac to Rs. 1 Crore.

## Facts

A company petition was filed on October 11, 2022, seeking to claim an operational debt of Rs. 40,71,626. The debt claim was made after the MCA notification dated March 24, 2020, which increased the threshold limit from Rs. 1 lac to Rs. 1 Crore. The advocate representing the Operational Creditor was notified about a legal issue and requested an adjournment, but then disappeared. The court determined that the company petition did not meet the threshold limit and was therefore subject to rejection.

## Issues and analysis

### Issue 1: Whether the company petition is maintainable when the claimed operational debt is below the …

**Ratio:** A company petition is not maintainable if the claimed operational debt falls below the

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**Reasoning:** The court reasoned that the MCA notification raised the threshold limit for operational

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**Interpretation:** The interpretation of the MCA notification is that it sets a minimum threshold

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**Application:** In this specific case, the claimed operational debt of Rs. 40,71,626 was below

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## Parties

- **Judges:** Shri. H. V. Subba…; Madhu S…
- **Appellants:** SOHAMS FOUNDATION…
- **Respondents:** Larsen & Toubro…

## Timeline

- **2020-03-24 — MCA Notifi…**: MCA notification raised the threshold…
- **2022-10-11 — Company Petiti…**: Company petition filed claiming an…

## 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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