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Judgment
Per : SAMEER KAKAR, MEMBER (TECHNICAL)
This is an Application filed by Mr. Ravi Janakiraman (hereinafter referred to as "Financial Creditor") under Section 7 of the Insolvency and Bankruptcy Code, 2016 against India Property Online Private Limited (hereinafter referred as the "Corporate Debtor") seeking thereof to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor.
From Part IV of this Application, it is seen that the amount claimed to be in default is Rs.4,03,144/- and the date of default is 12.09.2018. The petition was filed on 8.5.2021 in an electronic form and the physical copies were received on 14.07.2021.
Objections were filed by the Corporate Debtor and were received on 4.8.2021 in an electronic form and on 23.08.2021 in the physical form.
The Corporate Debtor has raised a preliminary issue regarding maintainability of the application stating that the alleged default claimed in the present petition is Rs. 4,03,144/- which is lower than the minimum threshold of default for initiation of corporate insolvency resolution process as revised by the Notification No.S.O.1205 (E) issued under Section 4 of IBC, 2016 dated 24.03.2020.
The Hon'ble NCLAT in the Company Appeal (AT) (Ins) No. 813 of 2021 between Jumbo Paper Products v/s Hansraj Agrofresh Pvt. Ltd., by order dated 25/10/2021 decided as under :-
"It is seen that Notification dated 24.3.2020 (supra) makes it unambiguously clear that the threshold limit to be considered for section 9 application will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s 7 or 9 on or after 24.3.2020 even if debt is of a date earlier than 24.3.2020."
In view of the discussions above regarding the pecuniary jurisdiction, as the amount claimed in default is less than Rs. 1 Crore, this Tribunal is unable to entertain this petition. Hence IBA/105 of 2021 is hereby dismissed.
No order as to costs.