In a recent judgment in BLS Polymers Limited v. M/s RMS Power Solutions Private Limited, the National Company Law Tribunal, New Delhi (“NCLT”) has held that for defaults prior to 24.03.2020, the threshold amount to trigger insolvency proceedings shall be one lakh rupees, and Notification No. CG-DL-E-24032020 dated 24.03.2020 (“Notification”) enhancing the threshold amount to one crore rupees will not apply.
Amicus Alert- BMS Polymers
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