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Issues: Whether the application under section 10 of the Insolvency and Bankruptcy Code, 2016 was maintainable when it was filed after the expiry of the 180-day period prescribed under the proviso to section 4(b) of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003.
Analysis: The application was founded on the abatement of the earlier BIFR reference after the repeal of SICA. The statutory proviso permitted a company whose reference had abated to move the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 within 180 days from the commencement of that Code. The filing in the present case occurred after that statutory period had expired, and the material facts concerning abatement were not disclosed at the time of filing.
Conclusion: The application was not maintainable and was liable to be rejected.
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