- (1.) On behalf of State Govt, of Maharashtra this reference has been filed in pursuance of proviso to Section 4 (b) of Sick Industrial Companies (Special Provisions) Repeal Act, 2003. According to Section 4 (b) as quoted in para 5 of the application any appeal preferred to the Appellate Authority or any reference made or inquiry pending before the BIFR or any proceedings of 1 whatever nature pending before the Appellate Authority under the SICA were to stand abated.
(2.) However, the proviso provided a remedy for such parties to make a reference to the NCLT under the Insolvency and Bankruptcy Code, 2016 within 180 days from the commencement of the IBC, 2016. Accordingly, this reference has been made under the proviso to Section 4 (b) .
(3.) At the outset learned counsel for the respondent No. 1 has raised objection to the territorial jurisdiction of Delhi Bench of NCLT and has submitted that the territorial jurisdiction would be vested in the Mumbai Bench of NCLT. In accordance with the aforesaid notification this reference needs to be considered by the Mumbai Bench of NCLT as the respondent Nos. 1 and 2 who are main contesting parties are located in Mumbai.;