Applicability Of Minimum Threshold Of Rs. 1 Crore Is To Be Seen From Date Of Filing Of Petition, Not The Date Of Sending Demand Notice: NCLT Delhi

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Dharminder Singh and Dr. Binod Kumar Sinha, while adjudicating an application filed in Udit Jain v Apace Builders and Contractors Pvt. Ltd., has held that the date of filing of petition needs to be considered and not the date of sending the Demand Notice, while determining whether a petition requires to meet the increased minimum threshold of Rs. The Corporate Debtor opposed the Petition on the ground that the minimum threshold limit of default to file a petition before NCLT was increased to Rs. The Bench opined that the MCA notification dated 24.03.2020 made it unambiguously clear that the threshold limit for Section 9 petition would be Rs.