Naresh H. Patil, J.

1. Admit. Heard finally by consent of the parties.

2. This appeal is directed against the order dated 5/1/2018 passed by the learned Single Judge (Coram: K. R. Shriram, J.) in Company Application No. 572 of 2017 in Company Petition No. 434 of 2015.

3. The appellant is original respondent in Company Application No.572 of 2017 and original petitioner in Company Petition No.434 of 2015, which came to be filed on 10/3/2015 under Sections 433 and 434 of the Companies Act, 1956 (for short the Act of 1956). The respondent herein is original applicant in Company Application No.572 of 2017 and original respondent in Company Petition No. 434 of 2015.

4. The appellant claimed an outstanding amount of Rs.7.25 crores with interest in respect of unpaid invoices for the goods supplied by the appellant in favour of the respondent. The respondent – Corporate Debtor made a reference to Board of Industrial and Financial Reconstruction (for short BIFR). On 1/12/2016 the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (for short the Repeal Act, 2003) was notified and the Sick Industrial Companies (Special Provisions) Act, 1985 (for short the SICA) came to be re