The case involves an appeal against an order dated December 22, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which rejected an application filed under Section 10(1) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for initiating Corporate Insolvency Resolution Process against Tayo Rolls Limited ('Corporate Debtor'). The rejection was based on the ground that the matter had not been referred within 180 days from the date of abatement of reference in terms of sub-clause (b) of Section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 ('SICA Repeal Act').
Tayo Rolls Limited ('Corporate Debtor') and Mr. Suresh Padmanabhan filed an application under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, rejected the application on December 22, 2017, because the matter was not referred within 180 days from the date of abatement of reference under Section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. A reference case no. 48/2016 was pending before the Board of Industrial and Financial Reconstruction ('BIFR') and stood abated due to the SICA Repeal Act, 2003, which came into effect on December 1, 2016. Mr. Suresh Narayan Singh, representing 284 workers of
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The Insolvency and…
The Sick Industrial Companies (Special…
The case involves an appeal against an order dated December 22, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which rejected an application filed under Section 10(1) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for initiating Corporate Insolvency Resolution Process against Tayo Rolls Limited ('Corporate Debtor'). The rejection was based on the ground that the matter had not been referred within 180 days from the date of abatement of reference in terms of sub-clause (b) of Section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 ('SICA Repeal Act').
Tayo Rolls Limited ('Corporate Debtor') and Mr. Suresh Padmanabhan filed an application under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, rejected the application on December 22, 2017, because the matter was not referred within 180 days from the date of abatement of reference under Section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. A reference case no. 48/2016 was pending before the Board of Industrial and Financial Reconstruction ('BIFR') and stood abated due to the SICA Repeal Act, 2003, which came into effect on December 1, 2016. Mr. Suresh Narayan Singh, representing 284 workers of
…The Insolvency and…
The Sick Industrial Companies (Special…