The applicant filed an application (IB-818/ND/2021) before the NCLT, New Delhi, seeking to initiate insolvency proceedings against the respondent. The defaulted amount was Rs. 22,45,155.46 paise, comprising a principal amount of Rs. 15,18,536 and interest of Rs. 7,26,619.46 paise. The NCLT considered Section 4 of the IBC, which specifies a minimum threshold for initiating insolvency proceedings. The NCLT also considered the Jammu Paper Mills order passed by the NCLAT. The key fact is that the defaulted amount was less than the minimum threshold of Rs one crore required under Section 7, 9, or 10 of the IBC.

The applicant filed an application (IB-818/ND/2021) before the NCLT, New Delhi, seeking to initiate insolvency proceedings against the respondent. The defaulted amount was Rs. 22,45,155.46 paise, comprising a principal amount of Rs. 15,18,536 and interest of Rs. 7,26,619.46 paise. The NCLT considered Section 4 of the IBC, which specifies a minimum threshold for initiating insolvency proceedings. The NCLT also considered the Jammu Paper Mills order passed by the NCLAT. The key fact is that the defaulted amount was less than the minimum threshold of Rs one crore required under Section 7, 9, or 10 of the IBC.