JUDGMENT :

SUDHANSU JYOTI MUKHOPADHAYA, J.

‘Tayo Rolls Limited’- (‘Corporate Debtor’) along with Mr. Suresh Padmanabhan, Deputy Chief Financial Officer of ‘Tayo Rolls Limited’ filed an application under Section 10(1) of the Insolvency and Bankruptcy Code, 2016 (‘I&B Code’ for short) for initiation of ‘Corporate Insolvency Resolution Process’ against it. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, by impugned order dated 22nd December, 2017 rejected the application on one of the ground that the matter has 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, 2003’ for short) as substituted by the ‘Eighth Schedule’ of the ‘I&B Code’.

2. The ‘I&B Code’ came into effect from 1st December, 2016, whereby provisions of different Acts were amended. The ‘SICA Repeal Act, 2003’ was amended by Section 252 of the ‘I&B Code’, which is as follows:

“THE EIGHTH SCHEDULE

(See section 252)

AMENDMENT TO SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003

(1 OF 2004)

In section 4, for sub-clause (b), the foll