2018 (12) TMI 1437

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....ani, Advocate, Mr. Ashish Rana, Mr. Himanshu Shekhar, Mr. Aabhas Parimal and Mr. Janesh Kumar, Advocates, Mr. Jayesh Gaurav and Mr. Krishnanad Pandey, Advocates And Mr. Akhilesh Srivastava, Advocate. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. 'Tayo Rolls Limited'- ('Corporate Debtor') alongwith Mr. Suresh Padmanabhan, Deputy Chief Financial Officer of 'Tayo Rolls Limited' filed an application under Section 10(1) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code' for short) for initiation of 'Corporate Insolvency Resolution Process' against it. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, by impugned order dated 22nd December, 2017 rejected the application on one of the ground that the matte....

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.... Insolvency and Bankruptcy Code, 2016: Provided further that no fees shall be payable for making such reference under Insolvency and Bankruptcy Code, 2016 by a company whose appeal or reference or inquiry stands abated under this clause." 3. The case of the Appellant is that the 'Corporate Debtor'- 'Tayo Rolls Limited' having become sick, a reference case no. 48/2016 was instituted and pending before the 'Board of Industrial and Financial Reconstruction' ('BIFR' for short). On account of 'SICA Repeal Act, 2003' w.e.f. 1st December, 2016, the reference aforesaid pending before the 'BIFR' abated. As per sub-clause (b) of Section 4 of the 'SICA Repeal Act, 2003' as amended by Eighth Schedule, if a petition under Section 10 of the '....

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....under sub-section (4) read with sub-section (12) of Section 18 of the 'SICA Act, 1985' stood abated. However, by virtue of the amendment under the Eighth Schedule, the Company in respect of which such appeal or reference or inquiry stands abated, have been allowed to make reference to the NCLAT within 180 days of commence of 'I&B Code' and in accordance with the provisions of the 'I&B Code'. In such case, no fees is payable. 42. The time period of 180 days given therein is for making a reference to the National Company Law Tribunal to treat the application under 'I&B Code' without payment of fees, only in respect to cases, where appeal or reference stands abated. It does not mean that the Company cannot file application under Secti....

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....Authority against "Tayo Rolls Limited". It was also dismissed by the Adjudicating Authority by an order dated 3rd January, 2018. The order of rejection was challenged by Mr. Suresh Narayan Singh in Company Appeal (AT) (Insolvency) No. 112 of 2018. In the said case, this Appellate Tribunal by its judgment dated 26th September, 2018 set aside the order dated 3rd January, 2018 and remitted the matter to the Adjudicating Authority with following observations and directions: "10. In the result, the Adjudicating Authority is directed to admit the application filed by the Appellant- Mr. Suresh Narayan Singh and pass appropriate order of 'Moratorium' and appointment of 'Insolvency Resolution Professional' in accordance with law after notic....