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TMI Blog2018 (6) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code') against order dated 11th March, 2010 and 28th July, 2016 passed by the Board for Industrial and Financial Reconstruction, New Delhi (for short, 'BIFR') referred to as the BIFR Case No. 372 of 2000. 2. The appeal(s) has been preferred in view of Notification No. S.O. 1683 (E) dated 24th May, 2017, issued by the Central Government whereby and whereunder 'The Eighth Schedule' of the I&B Code has been amended and the order passed by the BIFR has been ordered to be treated an order passed by the Adjudicating Authority under Section 31(1) of the I&B Code and thereby preferred appeal within 90 days before the National Company Law Appellate Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; xx xx 50. From the aforesaid provision, it is clear that the grounds to prefer appeal under Section 61 of the 'I&B Code' against an order of approval of plan passed by the Adjudicating Authority under Section 31, should be such as mentioned in sub-section (3) of Section 61. As per sub-section (2) of Section 61, the appeal is required to be filed wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... &B Code'. 53. The 'difficulty' as contemplated under Section 242 of the 'I&B Code' has not been mentioned by the Central Government in the notification in question. The Central Government in exercise of its powers conferred under Section 242, is competent to make provision to remove the difficulty in giving effect to the provisions of the 'I&B Code', but it cannot be in conflict with nor can change the substantive provisions of the 'I&B Code'. The period of limitation as prescribed by Notification S.O. 1683(E) dated 24th May, 2017 being in conflict with the maximum period of limitation granted under sub-section (2) of Section 61 of the 'I&B Code' and beyond forty-five days, the NCLAT having not empowered to entertain the appeal. The NCLA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erving, this Appellate Tribunal had also gone into the merits of the appeals. 7. Though we are not supposed to decide the merit of the appeal(s), but if the arguments of the appellant is accepted, we find that there are infirmity in the scheme in question : (i) The Scheme was framed without notice to the appellant - unsecured creditor. (ii) The Scheme which is deemed to be a 'Resolution Plan' is in contravention of Section 30(2)(e) of the I&B Code i.e. not in accordance with the provisions of law time being in force. For example, if there is a material irregularity in exercising of the powers by the 'Insolvency Resolution Professional' during the 'corporate insolvency resolution process; whether 'debts' owed to the 'Operational Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X
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