2017 (9) TMI 256

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..... lity - Held that:- Once BIFR and AAIFR have been dissolved under the Insolvency and Bankruptcy Code, 2016, the adjudicating authority for insolvent companies is the National Company Law Tribunal (NCLT). In view of the order dated 24.05.2017 issued by the Government, clarifying the position in respect of companies that have sanctioned schemes, and further empowering the NCLT to approve the resol .....

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..... BIFR. 2. Ms. Gupta, learned counsel for the petitioner states that with effect from 01.12.2016, BIFR and AAIFR stood dissolved and the Insolvency and Bankruptcy Code, 2016 came into play. As per Section 5 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (hereinafter referred to as the Repeal Act), the scheme sanctioned by the BIFR and orders passed by the BIFR continued to .....

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..... ution plan under sub-Section (1) of Section 31 of the Insolvency and Bankruptcy Code, 2016 and the same shall be dealt with, in accordance with the provisions of Part II of the said Code. 4. Learned counsel for the petitioner states that in the case of the petitioner/Company, there existed an approved sanctioned scheme and in these circumstances, Section 31 of the Insolvency and Bankruptcy Code .....

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