MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 24th March, 2020
S.O. 1205(E).—
In exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby specifies one crore rupees as the minimum amount of default for the purposes of the said section.
[F. No. 30/9/2020-Insolvency]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Section 4 provides the minimum default amount of Rs.1 lakh to initiate CIRP process and liquidation of Corporate debtor which Central govt may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees
Accordingly Central government has notified the threshold limit of Rs.1 crore for default to initiate CIRP process and liquidation of Corporate debtor in respect of Section 7, 9 and 10 of IBC code 2016
In exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby specifies one crore rupees as the minimum amount of default for the purposes of the said section.
[F. No. 30/9/2020-Insolvency]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Section 4 provides the minimum default amount of Rs.1 lakh to initiate CIRP process and liquidation of Corporate debtor which Central govt may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees
Accordingly Central government has notified the threshold limit of Rs.1 crore for default to initiate CIRP process and liquidation of Corporate debtor in respect of Section 7, 9 and 10 of IBC code 2016
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