Mr. Suresh Padmanabhan & Anr. Vs. Tata Steel Ltd. & Ors. [Company Appeal (AT) (Insolvency) No. 29 of 2018] - Synopsis
Team SoOLEGAL 15 Mar 2021
FACTS:
In this case, Mr. Suresh Padmanabhan & Anr. Vs. Tata Steel Ltd. & Ors. [Company Appeal (AT) (Insolvency) No. 29 of 2018], the Adjudicating Authority (NCLT) Kolkata Bench, by an order dated 22.12.2017, dismissed the application on one of the grounds that the matter had not been referred within 180 days of the date of the withdrawal of the reference under sub-clause (b) of Section 4 of the 'Sick Industrial Companies (Special Provisions) Repeal Act, 2003. Another application was filed pursuant to Section 9 by Mr Suresh Narayan Singh, as the Authorized Representative of 284 workers of the 'Tayo Rolls Limited' ('Corporate Debtor') which was initially rejected but was subsequently referred back to the Adjudicating Authority with observations and instructions to admit the case.

DECISION OF THE COURT:
According to the Bench, it was evident from the plain reading of the above provision and the judgment of the Appellate Tribunal that the 180-day time limit set out in sub-clause (b) of Section 4 of the SICA Repeal Act, 2003 applies to a reference if it is made to the National Company Law Tribunal (Adjudicating Authority) for the processing of an application under Section 10 of the Insolvency Bankruptcy Code, 2016 without payment of fees. It does not mean that the 'Corporate Applicant' cannot file an independent application under Section 10 of the Insolvency Bankruptcy Code, 2016 even after 180 days of the withdrawal of the reference under the SICA Repeal Act, 2003 on payment of the required fee. Consequently, the contested order cannot be upheld. The appeal was allowed with aforesaid observations and directions. 
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com