Kerala High Court stays NCLT order entertaining IBC plea filed after March 24 for default of less than Rs 1 crore

NCLT had ruled that March Notification on enhancing minimum threshold of Rs 1 crore did not apply when default dates to a time before the pandemic.

Kerala High Court

The Kerala High Court on Friday stayed an order passed by the National Company Law Tribunal, Kochi Bench refusing to declare that an insolvency plea filed after March 24 for a default of less than Rs 1 crore was not maintainable. (M/s Tharakan Web Innovations Pvt Ltd vs NCLT & Anr)

IBC

Kerala High Court

Insolvency

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