Case Details

Case Name: Jai Sinter Polycon Pvt. Ltd. vs Beria Commercial Impex Pvt. Ltd.

Court/Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Case Number: Comp. App. (AT) (Ins) No. 860 of 2026

Date of Order: 25.05.2026

Period of Dispute: Winding up petition originally filed in September 2015

Parties Involved

Appellant(s): Jai Sinter Polycon Pvt. Ltd. (represented by Mr. Rahul Jajoo and Mr. Sidharth Bapna, Advocates)

Respondent(s): Beria Commercial Impex Pvt. Ltd. (Corporate Debtor) - None appeared for respondent

Issues / Allegations / Violations

The appeal challenged the NCLT order dated 20.03.2026 that rejected Transfer Petition No. 85/KB/2023 on two grounds:

  • The application was barred by limitation
  • The financial debt amount of Rs. 15,82,089/- (Principal + TDS) did not meet the minimum threshold of Rs. 1,00,00,000/- required under the Insolvency and Bankruptcy Code (IBC) as amended in 2020

The original winding up petition was filed by the Appellant in September 2015 before the Calcutta High Court, which transferred the application to NCLT to be registered under Section 7 of IBC via order dated 10.07.2023.

Findings & Observations

The NCLAT made several key determinations:

  • Admittedly, the amount in the Section 7 application registered on 10.07.2023 was less than Rs. 1,00,00,000/-
  • The tribunal affirmed its previous judgment in Navin Ashokkumar Aswani vs Falcon Industries that after registration of Section 7 and 9 applications, the amended threshold must be fulfilled
  • The Supreme Court's dismissal of the appeal against the Navin Ashokkumar Aswani judgment did not indicate any different opinion on the threshold question
  • The judgment in Neena Aneja vs Jaiprakash Associates Ltd. (2022) regarding Section 6 of the General Clauses Act was distinguished as it dealt with repeal of statutes, not amendment of thresholds
  • The IBC is a complete code, and the 2020 amendment intended that insolvency proceedings should not proceed for debts below Rs. 1 crore

Final Ruling & Enforcement

The NCLAT dismissed the appeal and upheld the NCLT's impugned order dated 20.03.2026.

The tribunal found no reason to interfere with the NCLT's decision that the insolvency application could not proceed due to insufficient debt amount below the statutory threshold.