The Appellant Company had a Scheme of revival plan from the Board for Industrial and Financial Reconstruction (BIFR). They sought an extension for compliance with the Scheme. The Sick Industrial Companies (Special Provisions) Act, 1985 was repealed by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. The Appellant applied under Rule 11 of the National Company Law Tribunal Rules, 2016, read with the SICA Repeal Act, 2003, and the Insolvency and Bankruptcy Code, 2016, for an extension of statutory time.
Kusum Products Limited, the Appellant, had a revival scheme under the Board for Industrial and Financial Reconstruction (BIFR). The Appellant sought an extension of time to comply with the scheme. The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA Act, 1985) had been repealed by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICA Repeal Act, 2003). The Appellant applied under Rule 11 of the National Company Law Tribunal Rules, 2016, read with the SICA Repeal Act, 2003, and the Insolvency and Bankruptcy Code, 2016 (I&B Code), for an extension of statutory time. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, rejected the application. The Appellant then appealed to the National Company Law Appellate
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The Appellant Company brought a Scheme of…
The Appellant Company had a Scheme of revival plan from the Board for Industrial and Financial Reconstruction (BIFR). They sought an extension for compliance with the Scheme. The Sick Industrial Companies (Special Provisions) Act, 1985 was repealed by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. The Appellant applied under Rule 11 of the National Company Law Tribunal Rules, 2016, read with the SICA Repeal Act, 2003, and the Insolvency and Bankruptcy Code, 2016, for an extension of statutory time.
Kusum Products Limited, the Appellant, had a revival scheme under the Board for Industrial and Financial Reconstruction (BIFR). The Appellant sought an extension of time to comply with the scheme. The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA Act, 1985) had been repealed by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICA Repeal Act, 2003). The Appellant applied under Rule 11 of the National Company Law Tribunal Rules, 2016, read with the SICA Repeal Act, 2003, and the Insolvency and Bankruptcy Code, 2016 (I&B Code), for an extension of statutory time. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, rejected the application. The Appellant then appealed to the National Company Law Appellate
…The Appellant Company brought a Scheme of…