https://www.taxtmi.com/caselaws?id=312734 NCLT Ahmedabad dismissed an operational creditor's petition under Section 9 of IBC for initiating CIRP against a corporate debtor. The tribunal held the petition was not maintainable as the debt arose from a BIFR rehabilitation scheme, which constitutes an approved resolution plan under Section 252 read with Eighth Schedule of IBC. For non-implementation of approved resolution plans, remedy lies under Section 33(3), not Section 9. Additionally, the petition was time-barred, filed 643 days after IBC's effective date instead of within the mandatory 180-day period prescribed under the Second Proviso of Eighth Schedule. en-us Mon, 05 Apr 2021 00:00:00 +0530 Tue, 05 Mar 2024 08:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312734 NCLT Ahmedabad dismissed an operational creditor's petition under Section 9 of IBC for initiating CIRP against a corporate debtor. The tribunal held the petition was not maintainable as the debt arose from a BIFR rehabilitation scheme, which constitutes an approved resolution plan under Section 252 read with Eighth Schedule of IBC. For non-implementation of approved resolution plans, remedy lies under Section 33(3), not Section 9. Additionally, the petition was time-barred, filed 643 days after IBC's effective date instead of within the mandatory 180-day period prescribed under the Second Proviso of Eighth Schedule. Case-Laws Insolvency and Bankruptcy Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312734