Minimum default amount for CIRP under IB Code increased
March 24, 2020
The MCA has issued a notification specifying that the minimum amount of default for the purpose of insolvency and liquidation of corporate debtors under section 4 of the Insolvency and Bankruptcy Code 2016 is one crore rupees (instead of one lakh rupees). The notification is in exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016.
To refer to the gazette notification dated 24 March 2020, click here.