Mar 24, 2020

MCA raises default threshold to Rs. 1 crore for invoking insolvency proceedings against Corporate Debtors

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MCA vide notification dated 24th March, 2020, has increased the threshold limit for filing application for insolvency to Rs. 1 crore. Previously, it was Rs. 1 lakh. Further, Hon’ble Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, has announced that if situation does not improve till 30th April, 2020, then the Government may suspend using of sections 7, 9 and 10 of IBC, 2016.

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