TMI Blog2018 (4) TMI 1111X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Company Petition No. 408 of 1997 With B.I.F.R. No.196 of 1998 - - - Dated:- 12-4-2018 - K.R. SHRIRAM, J. Mr. Dinesh Kumar A. Dubey for petitioner. Mr. Karl Tamboly a/w. Ms. Kausar Banatwala and Ms. Dipti Shah i/b. Mr. Tushar Goradia for respondent. P.C.: 1 This petition had been admitted by an order dated 10th July, 1998. The claim of petitioner was based upon an Inter Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Scheme, copy whereof is annexed to an affidavit of one Kiran Jangla affirmed on 22nd March, 2018, this amount of ₹ 5,42,000/was to be paid within six months of sanction of Scheme. Six months would have expired on 6th March,2016 since the date of sanction of the Scheme is 7th September, 2015. Admittedly, this amount has not been paid and in effect, there is a contravention by the company of this Scheme. Mr. Dubey, counsel for petitioner, therefore, is seeking winding up of the company. 4. At the outset, Mr. Tamboly, counsel for the company raises a preliminary objection on the jurisdiction of this Court to hear the matter any further. According to Mr. Tamboly, Section 252 of the Insolvency and Bankruptcy Code, 2016 (IBC) ame ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Code, which provides that any appeal preferred to the Appellate Authority or any reference made or inquiry pending to or before the Board or any proceeding of whatever nature pending before the Appellate Authority or the Board under the Sick Industrial Companies (Special Provisions) Act, 1985 shall stand abated. Further, it was provided that a company in respect of which such appeal or reference or inquiry stands abated under this clause may make a reference to the National Company Law Tribunal under the Code within one hundred and eighty days from the date of commencement of the Code; And, whereas, difficulties have arisen regarding review of monitoring of the schemes sanctioned under subsection (4) or any scheme under implementat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n case, the statutory period within which an appeal was allowed under the Sick Industrial Companies (Special Provisions) Act, 1985 against an order of the Board had not expired as on the date of notification of this Act, an appeal against any such deemed approved resolution plan may be preferred by any person before National Company Law Appellate Tribunal within ninety days from the date of publication of this order. 7. Therefore, this order was passed because it came to light that when the reference, that were pending before BIFR or AAIFR stood abated, various difficulties arose regarding review and monitoring Scheme sanctioned and under implementation under subsection (12) of Section 18 of SICA. For removing the difficulties, the Cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill 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 . Subsection (3) and subsection (4) of Section 33 read as under : (3) Where the resolution plan approved by the Adjudicating Authority is contravened by the concerned ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
