दिवाला और शोधन अक्षमता संहिता, 2016 के तहत, एक देनदार 'फ्रेश स्टार्ट प्रोसेस' (fresh start process) के लिए आवेदन कर सकता है यदि उनके कुल योग्य ऋण (qualifying debts) इससे अधिक नहीं हैं:

A corporate debtor has outstanding credit facilities classified as NPA by a consortium of three banks (A, B, and C). Banks A and B hold 70% of the aggregate debt and initiated SARFAESI action, while Bank C (holding 30%) objected. During the process, the corporate debtor filed for voluntary insolvency under the Insolvency and Bankruptcy Code (IBC), and the application was admitted by the NCLT. What is the correct legal position regarding the recovery actions?

As per Section 78 of the Insolvency and Bankruptcy Code, 2016, the statutory minimum default amount required to initiate insolvency proceedings under Part III is: