The Insolvency and Bankruptcy Code, 2016
PART II Insolvency Resolution and Liquidation for Corporate Persons
CHAPTER I Preliminary & Definitions
Section 4: Application of this Part-II (INSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS):
4. (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:
Provided that the Central Government may, by notification1, specify the minimum amount of default of higher value which shall not be more than one crore rupees.
1. Increase Limit to Rs. 1 crore vide MCA Notification S.O. 1205(E) dated 24.03.2020.