88. Grounds of Creditor Petition

the amount of the debt, or the aggregate amount of the debts, is equal to or exceeds two million rupees;

the debt is for a liquidated sum;

the debt is payable to the petitioning creditor, or one or more of the petitioning creditors, either immediately or at a future time;

the debt, or each of the debts, is a debt in respect of which a pre-bankruptcy default has occurred;

here is no outstanding application to set aside a bankruptcy notice in respect of the debt or any of the debts.