# In the matter of Poultry Farm and Agro Pvt. Ltd. IB-818(ND)-2021

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04492. The application IB-818/ND/2021 was filed before the National Company Law Tribunal (NCLT), New…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04492
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/poultry-farm-and-agro-pvt-ltd-ib-818nd-2021-f3a3a1f8

## Summary

### Background

The application IB-818/ND/2021 was filed before the National Company Law Tribunal (NCLT), New Delhi. The applicant sought initiation of insolvency proceedings against the respondent. The order was delivered on January 7, 2022.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the application IB-818/ND/2021 is maintainable given that the defaulted amount is less than …

**Ratio:** The minimum threshold limit for initiating insolvency proceedings under Section 7, 9, or

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**Reasoning:** The court reasoned that since the defaulted amount (Rs. 22,45,155.46 paise) is less than

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**Interpretation:** Section 4 of the IBC establishes the pecuniary jurisdiction for initiating

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**Application:** In this case, the defaulted amount was less than Rs one crore. Therefore, based

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** Savvy Distr…
- **Respondents:** Poultry Farm And…

## Timeline

- **2022-01-07 — Order Del…**: The order was delivered, dismissing…

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