2018 (4) TMI 1111

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....25,00,000/towards principal alongwith interest at 36% was due and payable by the company and during the pendency of the petition, a further amount of Rs. 1,00,000/has been paid by the company. An appeal was filed challenging the order of admission and that appeal came to be dismissed by an order dated 3rd August, 1998. 2. The company filed a reference to Board for Industrial and Financial Reconstruction (BIFR), viz., Case No.196 of 1998. After BIFR took the reference on file, the company took out a company application no.475 of 1998 seeking stay of publication because the reference was registered in BIFR. By an order dated 6th August, 1998, the company application was allowed and consequently, publication was stayed. Therefore, the petit....

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.... IBC has made an order to remove difficulties dated 24th May, 2017 whereby a proviso has been inserted stating that "any Scheme sanctioned under subsection (4) or any Scheme under implementation under subsection (12) of Section 18 of the Sick Industrial Companies (Special Provisions) Act, 1985, shall be deemed to be an approved resolution plan under subsection (1) of Section 31 of the IBC and same shall be dealt with, in accordance with the provisions of Part II of IBC". Mr. Tamboly, therefore, submits that this Court should transfer the matter to NCLT for further consideration as required under Section 33 of the IBC and in particular, subsection (3) of Section 33 of IBC. 5. Mr. Dubey submitted that since the petition was admitted much b....

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....ons) Act, 1985, substitution of clause (b) of section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 and omission of sections 253 to 269 of the Companies Act, 2013; Now, therefore, in exercise of the powers conferred by the subsection (1) of the section 242 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following Order to remove the above-said difficulties, namely : 1. Short title and commencement - (1) This Order may be called the Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017. 2. In the Insolvency and Bankruptcy Code, 2016, in the Eight Schedule, relating to amendment to the Sick Industrial Companies (Special Provisions) Repeal Act, 20....

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....ntation under subsection (12) of Section 18 of SICA shall be deemed to be an approved resolution plan under subsection (1) of Section 31 of IBC and the same shall be dealt with, in accordance with the provisions of Part II of the said Code". NCLT is created as a specialised regime under the IBC to deal with such matters. 8. Therefore, the Scheme that has been sanctioned by BIFR which is under implementation shall be deemed to have been approved under Section 31(1) of IBC. Sub-section (3) of Section 33 of IBC provides that "where the resolution plan approved by the Adjudicating Authority (in view of the stay order, it should be read as BIFR) is contravened by the concerned corporate debtor (the company), any person other than the corporat....