(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:
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.
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 The Ordinance dated 04.04.2021 stands repealed.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