First, on 24.03.2020 the central government issued a notification increasing the threshold to initiate insolvency proceedings against a debtor company from existing Rs. 1 lac to Rs. 1 crore. The protection of small enterprises from insolvency proceedings was among the primary reasons for increasing the monetary limits. The previous low threshold for initiating insolvency proceedings meant that the small enterprises both benefitted from it as well as suffered. Low threshold of Rs. 1 lac meant that any company could initiate proceedings to declare a small enterprise as insolvent for non-payment of debt exceeding Rs. 1 lac. Similarly, small enterprises also benefitted from the low threshold since they could commence insolvency against companies for any default in payment, which exceeded Rs. 1 lacs. Many small enterprises do not raise large invoices and thus a low threshold to initiate insolvency benefits them. The IBC 2016 was however neutral for all types of companies and did not account for the special status of small enterprises.
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