(1) This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is one lakh rupees:
Provided that the Central Government may, by , specify the minimum amount of default of higher value which shall not be more than one crore rupees.
the Central Government may, by notification, specify of higher value, which shall not be more than one crore rupees, for matters relating to the prepackaged insolvency resolution process of corporate debtors under Chapter III-A.
In exercise of the powers conferred by the proviso to section 4 of the IB Code, 2016, the Central Government hereby specifies one crore rupees as the minimum amount of default for the purposes of the said section. To view the notification dated 24.03.2020,Click Here.
1. Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2021 notification dated 11.08.2021, effective from 04.04.2021. The Ordinance dated 04.04.2021 stands repealed. To view the notification, Click Here
2. Inserted vide The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 dated 04.04.2021. To view the notification,Click Here
The Central Governmentspecified ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor [S.O. 1543(E)] dated 09.04.2021. To view the notification,Click Here
