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2019 (1) TMI 2002 - AT - Insolvency and BankruptcySanctioned Modified Draft Revival Scheme for the Respondent Company - matter remained pending on abolition of BIFR by Sick Industrial Companies (Special Provisions) Repeal Act, 2003 - HELD THAT:- The Notification dated 24th May, 2017 issued by the Central Government was referred before this Appellate Tribunal in M/s. Spartek Ceramics India Ltd. Vs. Union of India & Ors [2018 (6) TMI 350 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] wherein this Appellate Tribunal held that the case before the Adjudicating Authority was not maintainable and the Notification dated 24th May, 2017 was illegal as it travels beyond the scope of the removal of difficulties provisions under the Insolvency & Bankruptcy Code. The decision of this Appellate Tribunal in M/s. Spartek Ceramics India Ltd. was challenged before the Hon’ble Supreme Court in Civil Appeal Nos.7291-7292 of 2018 [2018 (10) TMI 1660 - SUPREME COURT]. The Hon’ble Supreme Court upheld the decision of this Appellate Tribunal and held that the Notification dated 24th May, 2017 was illegal as it travels beyond the scope of the removal of difficulties provisions under the Insolvency & Bankruptcy Code. The impugned order is set aside - application not maintainable.
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