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2018 (4) TMI 1111 - HC - Companies LawContravention of Scheme sanctioned by BIFR - application to NCLT for appropriate orders - Held that:- Since the company has contravened the Scheme sanctioned by BIFR, petitioner has to make an application to the NCLT for liquidation order of the company. The records and proceedings in this matter be transferred to NCLT, Mumbai and petitioner will be at liberty to take out an appropriate application to NCLT for appropriate orders as required under the provisions of IBC. Subsection (4) of Section 33 provides that “on receipt of an application under subsection (3), if the Adjudicating Authority comes to a conclusion that the company has contravened the provisions of the resolution plan or sanctioned Scheme and in view of the order, resolution plan will include the sanctioned Scheme to BIFR, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clause (b) of sub-section (1) of Section 33 - Registry to transfer the papers to NCLT within four weeks from today.
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