The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Baurn Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that in a joint application filed by operational creditors under Section 9 of the Insolvency and Bankruptcy Code, 2016 (the Code), the threshold limit prescribed under Section 4 must be independently satisfied by each operational creditor. The collective or aggregate debt of all operational creditors cannot be clubbed to meet the minimum threshold requirement for initiating the Corporate Insolvency Resolution Process (CIRP).
Brief Facts:
Appellants were appointed with different designations by the Company – M/s Desein Private…
