TaxTMI 
TaxTMI 
2018 (1) TMI 1193
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....oard Resolution is added to the petition as Annexure-VII. It is stated in Part III of the application that corporate applicant, i.e. corporate debtor has defaulted all amounts currently due and payable to its non-related party Financial Creditors towards its repayment obligations except the penal interest of a total amount of Rs. 60.04 lakhs for the waiver of which request has already been made by the Corporate Debtor. Corporate Applicant/ Corporate Debtor has further stated that it had raised financial debts from non-related party Financial Creditors, except for the non-fund based liability aggregating to Rs. 602.87 lakhs and penal interest of Rs. 60.04 lakhs. Corporate Debtor had raised an amount of Rs. 6000 lakhs from its holding company i.e. Tata Steels Ltd., as has been specified. Corporate Debtor currently owes a sum of Rs. 60.04 lakhs towards penal interest to non-related party financial creditor for which a request for waiver has been made. The Corporate Debtor owes an amount aggregating to Rs. 7043.29 lakhs to its holding company, Tata Steels Ltd. for which no demand has yet been issued and hence such amount is not due as on the date of this application. It is fur....
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....tor's assets and liabilities with estimated value assigned to each category Annexure VI, Exhibit-A; property on which claim against the Corporate Debtor is wholly or partly secured with details of debt when security was created Annexure-VI, Exhibit-B; certificate of Registration of Charge issued by the ROC, Annexure-VI, Exhibit-B1; notice bearing No.38/2015 dated February 19, 2015 under section 7 of the PDR Act, 1914 prohibiting the Corporate Debtor from alienating its immovable properties Annexure VI Exhibit-B2; names and addresses of the financial and operational creditors of the Corporate Debtor with the amount due to each of them Annexure-VI Exhibit-B; names and addresses of the members and partners of the Corporate Debtor Annexure VI, Exhibit-A; names and addresses of the members and partners of the Corporate Debtor; Annexure-VI, Exhibit-F; names and addresses of all directors and promoters of Corporate Debtor Annexure-VI, Exhibit-F1; name and addresses of all members of the Corporate Debtor with details of their respective shareholding Annexure-VI, Exhibit-F2; copy of Board Resolution dated July 3, 2017 whereby the Corporate Debtor authorising the Corporate Applicant to make ....
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....10, the Financial Creditor or the Operational Creditor may dispute that there is no default or that the debt is not due and is not payable by law or fact. They may also oppose admission on the ground that Corporate Applicant is not eligible to make application given ineligibility under section 11 of the I&B. Code. The Adjudicating Authority on hearing the parties and on perusal of record, if satisfied that there is a debt and default has occurred, and the Corporate Applicant is not ineligible under section 11, the Adjudicating Authority has no option but to admit the application, unless it is incomplete, in which case the Corporate Applicant is to be granted time to rectify the defects. 22. Section 10 does not empower the Adjudicating Authority to go beyond the records as prescribed under section 10 and the information as required to be submitted in Form VI of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016 subject to ineligibility prescribed under section 11. If all information is provided by an applicant as required under section 10 and Form VI and if the Corporate Applicant is otherwise not ineligible under section 11, the Adjudicating Aut....
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....1986) shall stand abated; Provided that a company in respect of which such Appeal or Reference or Enquiry stands abated under this clause may make reference to the National Company Law Tribunal under the Insolvency & Bankruptcy Code, 2016 within 180 days (one hundred and eighty days) from the date of commencement of the Insolvency & Bankruptcy Code, 2016 in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016. Provided also that any scheme sanctioned under sub-section 4 or any scheme under implementation under sub-section (12) of section 18 of the Sick Industrial Companies (Special Provision) Act, 1985 shall be deemed to be an approved Resolution Plan under sub-section (1) of Section 31 of the Insolvency & Bankruptcy Code, 2016 and the same shall be dealt with, in accordance with the provisions of Part II of the said Code; Provided also that in case, the Statutory period within which an appeal was allowed under the Sick Industrial Companies (Special Provision) Act, 1985 against an order of the Board had not expired as on the date of Notification of this Act, an appeal against any such deemed approved Resolution Plan may be preferred by....
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....ion of statutory proviso to section 4(b) of the Sick Industrial Companies (Special Provision) Repeal Act, 2003 and after abatement of the reference before BIFR, liberty was given to file proceeding before NCLT within 180 days from the date of commencement of Insolvency & Bankruptcy Code, 2016. Insolvency & Bankruptcy Code came into effect w.e.f. 01.12.2016 vide Government Notification SO 3591(E) dated 30th November, 2016 published in Gazette of India Extra, Part-ll, Section 3 sub-clause (ii) dated 30th November, 2016, wherein it is specifically mentioned that Notification shall come into force from 1st December, 2016. Therefore, in case of abatement of Reference before BIFR, time limit of 180 days expires in May, 2017. This petition has been filed under section 10 of the Insolvency & Bankruptcy Code, 2016 on 13th July, 2017, i.e. after the expiry of the statutory time limit prescribed under Sick Industrial Companies (Special Provision) Repeal Act, 2003. It is pertinent to mention that in the petition, the petitioner has not stated anything about the abatement of reference pending before BIFR. He only disclosed the fact about abatement of reference before BIFR after filing of Int....