JOTUN INDIA PRIVATE LIMITED Vs. PSL LIMITED

JUDGEMENT

(1.) Respondentapplicantpsl Limited, who is respondent in the company petitions, has filed this application seeking the order dated 19th July 2017 in company application (lodging) no.333 of 2017 be vacated/recalled. By this nonspeaking order, the Learned Company Judge was pleased to stay the proceedings filed by respondentapplicant under Section 10 of Insolvency and Bankruptcy Code, 2016 ("IBC") before National Company Law Tribunal (NCLT), Ahmedabad for insolvency resolution.

(2.) On 10th March 2015 company petition no.434 of 2015 was filed by petitioner Jotun India Private Limited against respondentapplicant (org. respondent) under Sections 433 and 434 of the Companies Act, 1956, claiming an outstanding sum of Rs.7.25 Crores with interest in respect of unpaid invoices for goods supplied. For the purpose of this application, I am not considering the facts in other company petitions.

(3.) On 1st December 2016 the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, ("Repeal Act") was notified, and hence SICA came to be repealed.