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2018 (12) TMI 1437 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - matter has not been referred within 180 days from the date of abatement of reference in terms of sub-clause (b) of Section 4 of the ‘Sick Industrial Companies (Special Provisions) Repeal Act, 2003 - Held that:- 180 days’ time period provided in subclause (b) of Section 4 of the ‘SICA Repeal Act, 2003’ (by Eighth Schedule) relates to reference if made to the National Company Law Tribunal (Adjudicating Authority) to treat application under Section 10 of the ‘I&B Code’ without payment of fees. It does not mean that the ‘Corporate Applicant’ cannot file an independent application under Section 10 of the ‘I&B Code’ even after 180 days of abatement of the reference under the ‘SICA Repeal Act, 2003’ on payment of requisite fee. In the present case, we find that the case of the Appellant is covered by this Appellate Tribunal in “Pr. Director General of Income Tax (Admn. & TPS) [2018 (6) TMI 350 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI]”. The impugned order, therefore, cannot be upheld. In view of the decision in “Mr. Suresh Narayan Singh [2018 (11) TMI 892 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] a ‘Corporate Insolvency Resolution Process’ is required to be initiated against ‘Tayo Rolls Limited’, for the said reason, while we declare the impugned judgment dated 26th September, 2018 as illegal and set aside the said order but do not remit the case for admission of application under Section 10. The ‘Corporate Debtor’ having already suggested the name of the ‘Interim Resolution Professional’, in terms of the decision of this Appellate Tribunal in “Mr. Suresh Narayan Singh (Supra)”, the Adjudicating Authority will appoint ‘Interim Resolution Professional’, as proposed by the ‘Corporate Debtor’, if no proceeding is pending against him.
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