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2017 (10) TMI 1444 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - proceedings before BIFR stood abated - similarity in the intension for incorporation of Sick Industries Companies (Special Provisions) Act 1985 and Insolvency and Bankruptcy Code 2016 - HELD THAT:- Although the proceedings before the Hon'ble BIFR stood abated but due to filing an Application before the Hon'ble NCLT within a period of 180 days, those very proceedings shall continue. It is also vehemently pleaded that the new proceedings shall commence from that very stage from where it is transferred. A Notification in the form of Insolvency & Bankruptcy Code (Removal of Difficulties) Order, 2017 had clarified that if an order has been passed by BIFR or AAIFR then for continuing the resolution process the scheme shall be incorporated from the stage where it was before the repeal of the SICA Act. Under the said repealed Act, the resolution plan had already been approved by OA, hence not required to submit another plan. Rather, an argument is that there is no requirement of even a submission of form no.6 and the Professional can submit resolution plan under section 30 of I&B Code. out of abundant precaution Form NO.6 had been filed to be considered for granting permission to carry out the CIRP from the stage it was left before BIFR and other Authorities due to repeal of the SICA Act. The sanctioned SS- 08 scheme thus to be considered as Approved Resolution Plan (ARP). Considering the provisions of section 10 of The Code that the Debtor Company had in fact committed a default in not repaying the outstanding Debt to certain patties, the Petition under consideration deserves to be "admitted" - commencement of the Corporate Insolvency Resolution Process is hereby declared with effect from the receipt of this Order. The IRP is hereby directed that, the Scheme Sanctioned under SICA shall be deemed to be an Approved Resolution Plan as prescribed UIs, 31 (1) of the I & B Code, 2016. However, rest of the compliances are to be made as per the provisions of the Code, some Of them specified hereinabove.
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