Sick industrial scheme transition under insolvency law left further relief unnecessary, with the NCLT as the proper forum.

The sanctioned sickness scheme retained binding effect under the repeal and saving framework, and the subsequent clarification dated 24.05.2017 treated schemes already sanctioned or under implementation as approved resolution plans for purposes of the Insolvency and Bankruptcy Code, 2016. In light of that statutory transition, further directions on amendment of the cut-off date and extension of the rehabilitation period were unnecessary in the petition, and the appropriate forum for any further action was the National Company Law Tribunal. The petitioner was left at liberty to pursue that remedy if advised.

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Issues: Whether the petition seeking amendment of the cut-off date and extension of the rehabilitation period in a sanctioned sickness scheme required further orders in view of the statutory changes under the Insolvency and Bankruptcy Code, 2016.

Analysis: The sanctioned scheme under the sick industrial companies regime was noted to continue to have binding effect under the repeal and saving framework. The subsequent governmental clarification of 24.05.2017 was relied upon to show that schemes already sanctioned or under implementation were to be treated as approved resolution plans and dealt with under the Insolvency and Bankruptcy Code, 2016, with the National Company Law Tribunal becoming the appropriate forum for further action.

Conclusion: No further orders were required in the petition, and the petitioner was left at liberty to approach the National Company Law Tribunal, if so advised.

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