The National Company Law Appellate Tribunal, Principal Bench, New Delhi, comprising Justice Rakesh Kumar Jain (Member-Judicial) and Naresh Salecha (Member-Technical), has allowed an appeal filed by the operational creditor. The issue before the tribunal was whether the threshold has to be seen at the time of filing of the application or at the time of admission of the application.
Background of the Case
The appellant used to sell iron ore to the respondent, but the respondent failed to make the payment; hence, the appellant served the demand notice under Section 8 of the IBC for a default of Rs. 1,16,25,583. After that, the appellant filed the application under Section 9 of the IBC, seeking initiation of the CIRP against…