TMI Blog2018 (12) TMI 1437X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Applicant’ cannot file an independent application under Section 10 of the ‘I&B Code’ even after 180 days of abatement of the reference under the ‘SICA Repeal Act, 2003’ on payment of requisite fee. In the present case, we find that the case of the Appellant is covered by this Appellate Tribunal in “Pr. Director General of Income Tax (Admn. & TPS) [2018 (6) TMI 350 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI]”. The impugned order, therefore, cannot be upheld. In view of the decision in “Mr. Suresh Narayan Singh [2018 (11) TMI 892 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] a ‘Corporate Insolvency Resolution Process’ is required to be initiated against ‘Tayo Rolls Limited’, for the said reason, while we declare t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, by impugned order dated 22nd December, 2017 rejected the application on one of the ground that the matter has not been referred within 180 days from the date of abatement of reference in terms of sub-clause (b) of Section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 ( SICA Repeal Act, 2003 for short) as substituted by the Eighth Schedule of the I B Code . 2. The I B Code came into effect from 1st December, 2016, whereby provisions of different Acts were amended. The SICA Repeal Act, 2003 was amended by Section 252 of the I B Code , which is as follows: THE EIGHTH SCHEDULE (See section 252) AMENDME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the BIFR abated. As per sub-clause (b) of Section 4 of the SICA Repeal Act, 2003 as amended by Eighth Schedule, if a petition under Section 10 of the I B Code is preferred within 180 days by the Company from the commencement of the I B Code in respect of which such appeal or reference or enquiry stood abated, no fees is payable for making reference under the I B Code . 4. In the present case, the I B Code came into force on 1st December, 2016 and a reference case no. 48/2016 pending before the BIFR stood abated. The Tayo Rolls Limited - ( Corporate Debtor ) along with the Corporate Applicant filed application under Section 10 of the I B Code on 13th July, 2017. In this background, the Adjudicating Authority hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out payment of fees, only in respect to cases, where appeal or reference stands abated. It does not mean that the Company cannot file application under Section 10 of the I B Code after 180 days. If the Company prefers any application under Section 10 beyond 180 days, it is required to pay the requisite fee. 6. On plain reading of the provision aforesaid and decision of this Appellate Tribunal, it is clear that 180 days time period provided in subclause (b) of Section 4 of the SICA Repeal Act, 2003 (by Eighth Schedule) relates to reference if made to the National Company Law Tribunal (Adjudicating Authority) to treat application under Section 10 of the I B Code without payment of fees. It does not mean that the Corporate Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Suresh Narayan Singh and pass appropriate order of Moratorium and appointment of Insolvency Resolution Professional in accordance with law after notice to the Corporate Debtor . The application under Section 10 of the I B Code , filed by the Corporate Debtor as is under consideration before this Appellate Tribunal in an appeal and if the said appeal is allowed, the Interim Resolution Professional suggested by the Corporate Debtor , may be appointed. The appeal is allowed with aforesaid observations and directions. However, in the facts and circumstances of the case, there shall be no order as to cost. 10. In view of the decision in Mr. Suresh Narayan Singh (Supra) , a Corporate Insolvency Resolution Process is requi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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