Kerala HC: Litmus Test to Consider Default Shall be as Defined in Amended Section 4 IBC - (02 Feb 2022)

INSOLVENCY

Kerala High Court has held that the litmus test is whether the default exists as defined in amended Section 4 of the Insolvency and Bankruptcy Code, 2016 with effect from 24th March, 2020, increasing the default amount from Rs. 1 Lakh to Rs. 1 Crore, on the date of the application, and not on the date when the notice was sent to the Corporate Debtor under Section 8 of the Code.

Tags : KERALA HIGH COURT   LITMUS TEST TO CONSIDER DEFAULT  

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