# In the matter of Sadhana Paper Converter Pvt. Ltd. C.P.(IB)-37(AHM)2021

> NCLT judgment dated 2022-04-06. Citation: TCN-2022-NCLT-03352. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sadhana-paper-converter-pvt-ltd-cpib-37ahm2021-8b42aee5

## Summary

### Background

The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed on March 11, 2021.

## Facts

The applicant, Mayur Mistry, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the respondent, Sadhana Paper Converter Pvt Ltd. The application was filed on March 11, 2021. The stated default amount was Rs. 2,85,000, which is less than the threshold of Rupees One Crore. The court noted the Notification of the Ministry of Corporate Affairs, New Delhi, dated March 24, 2020, read with Section 4 of the IBC, 2016, which sets the threshold. The court also considered the judgment of the Hon'ble NCLAT dated October 25, 2021, in the matter of Jumbo Paper Products Vs. HansrajAgrofresh Pvt. Ltd. The issue in the said judgment of Hon'ble NCLAT is pending for decision before the Hon'ble Supreme Court.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC is maintainable when the default amount is less …

**Ratio:** An application under Section 9 of the IBC is not maintainable if the default amount is

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**Reasoning:** The court reasoned that the default amount of Rs. 2,85,000 is less than the threshold of

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**Interpretation:** Section 4 of the IBC allows the Central Government to specify the minimum

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**Application:** In this case, the default amount was Rs. 2,85,000, which is less than the

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Mayur M…
- **Respondents:** Sadhana Paper…

## Timeline

- **2021-03-11 — Application…**: The application under…
- **2020-03-24 — Notificatio…**: Date of the Ministry of Corporate Affairs notification regarding the threshold for…

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