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2021 (4) TMI 1370 - Tri - Insolvency and BankruptcyMaintainability of petition u/s 9 of IBC - petition barred by time limitation or not - BIFR proceedings were finalized and was under implementation in respect of the defaulted outstanding debt of the workers/employees of the CD - commencement of CIRP in respect of the debt arising out of the Sanctioned Rehabilitation Scheme by the Hon'ble BIFR/AAIFR which is yet to be implemented after the BIFR/AAIFR stands dissolved - Pre-existing dispute or not - HELD THAT:- This case is a case as to how simple issues can be complicated inadvertently. As noted from the written submissions made by the Operational Creditor, issues involved is implementation of BIFR Scheme approved by the AAIFR which is to be treated as an approved resolution plan in terms of provisions of Section 252 r.w. EIGHTH SCHEDULE of Insolvency and Bankruptcy Code, 2016. Once this is so, application under Section 9 of Insolvency and Bankruptcy Code, 2016 is as such not maintainable because for non-implementation for an approved resolution plan, a different application has to be made as per the provisions of Section 33(3) of Insolvency and Bankruptcy Code, 2016. From the perusal of 3rd proviso which was inserted in the EIGHTH SCHEDULE with effect from 24.05.2017 by the Insolvency Bankruptcy Code (removal of difficulties) order, any scheme sanctioned or under implementation in terms of provisions of SICA Act, 1985 is deemed to be an approved resolution plan and the same is to be dealt with in accordance with Part-II of the Code. Part-II of the Code pertains to Corporate Insolvency Resolution Process and also provide for passing of an order of liquidation under Section 33(2) of Insolvency and Bankruptcy Code, 2016 in case an approved resolution plan is not implemented. Any aggrieved party can initiate such action. Accordingly, this application is not maintainable and therefore, rejected. Even otherwise, such application, is not maintainable because this application has been filed after expiry of 643 days from 01.12.2016, being the date of Insolvency and Bankruptcy Code, 2016 becoming effective and as per the 2nd proviso of the EIGHTH SCHEDULE, this should have been filed within 180 days therefrom. Thus, for this reason also, application filed under Section 9 of Insolvency and Bankruptcy Code, 2016, is not maintainable. This application stands dismissed.
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