This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is 1[one crore rupees]:
Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees.
2[Provided further that the Central Government may, by notification, specify such minimum amount of default 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.]
Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees.
2[Provided further that the Central Government may, by notification, specify such minimum amount of default 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.]
Source footnotes
1. Subs. by Notification No. S.O. 1205(E), for one lakh rupees (w.e.f. 24-3-2020).2. Ins. by Act 26 of 2021, s. 2 (w.e.f. 4-4-2021).
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Section 1 · Short title, extent and commencement.Section 2 · Application.Section 3 · Definitions.Section 5 · Definitions.Section 6 · Persons who may initiate corporate insolvency resolution process.Section 7 · Initiation of corporate insolvency resolution process by financial creditor.Section 8 · Insolvency resolution by operational creditor.Section 9 · Application for initiation of corporate insolvency resolution process by operational creditor.India Code, Government of India. Text fetched 09 Oct 2026. Source metadata reports last modification: 2024-07-25. Check the linked official text and subsequent notifications when applying a provision.