Govt.’s Notification to Increase Threshold Limit from INR 1 Lakh to INR 1 Crore for initiating Insolvency Proceedings has Prospective Effect: NCLT [Read Order]

The National Company Law Tribunal(NCLT) ruled that the Central Government’s notification to increase the threshold limit from INR 1 Lakh to INR 1 Crore for initiating insolvency proceedings has prospective effect i.e. applicable from March 24, 2020. The Operational Creditor, Rockwell Industries Ltd. had filed a plea under Section 9 Insolvency and Bankruptcy Code (IBC) […]

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