Corporate Insolvency – Default Threshold

By INSOL India - Editorial Team Posted On : October 15, 2020

The NCLAT has held that the revised threshold of Rs.1 crore to invoke the jurisdiction under IBC effective March 24, 2020, is rpospective and not retrospective.  In tother words all applications before March 24, 2020 with a default of more than Rs.1 lakh can be admitted for corporate insolvency process, subject to other conditions prevailing.