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2017 (9) TMI 1129 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - Insolvency and Bankruptcy Code - Held that:- According to learned counsel the provisions of Insolvency and Bankruptcy Code are not retrospective and cannot take away the rights of the petitioner which has emerged from the provisions of the erstwhile Companies Act, 1956. The aforesaid argument is wholly misplaced because the Companies Act, 2013 has been enforced amending the provisions concerning winding up and substituting it by Section 271 of 2013 Act. It is further appropriate to mention that Section 255 of the Insolvency and Bankruptcy Code, 2016 provides that the Companies Act, 2013 was amended in the manner specified in the Schedule XI. It is pertinent to mention that in Chapter XXII of 2013, Act the provisions of the 1956 Act have not been incorporated in 2013 Act and schedule XI of the Code which had come into force has substituted Section 271 by limiting the grounds of winding up and the ground for inability to pay has been taken away by the schedule XI. It is thus patent that the jurisdiction concerning inability to pay debt w.e.f. 15.11.2015 has been taken over by the provisions of Insolvency and Bankruptcy Code, 2016. Therefore, it is not possible to accept that the petitioner would not comply with the Rules of 2016 namely Adjudicating Authority/Transfer of Pending Proceeding Rules (supra). Accordingly, we conclude that the petition is liable to be dismissed.
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