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2018 (1) TMI 1193 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - liberty to file a petition within 180 days after coming into force of Insolvency & Bankruptcy Code - Held that:- Since the petition filed under section 10 of IB Code is, in fact, a Reference, which was earlier pending before BIFR and when the IB Code came into force then on account of the amendment in SICA Repeal Act, 2003, petitioner was given liberty to file a petition within 180 days after coming into force of Insolvency & Bankruptcy Code. Undoubtedly IB Code 2016 came into effect w.e.f. 1st December, 2016, therefore petition under IB Code could have been filed only within 180 days. The fact of this case differs from the case of Leo Duct Engg. (2017 (6) TMI 1169 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI), and a petition has been filed beyond the statutory time limit of 180 days from the date of coming into force of Insolvency & Bankruptcy Code. Thus it is clear that the petition is not maintainable and deserves to be rejected. ORDER
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