SICA Act, 1985' before the Board
abated.
Company Appeals (AT) (Insolvency) Nos. 160 and 258 of 2017
6
13. 'SICA Repeal ... Section 18 of the 'SICA Act, 1985', in view of 'SICA
Repeal Act, 2003' and omission of Sections
that
the Sick Industrial Companies (Special Provisions) Repeal
Act, 2003 ('SICA Repeal Act, 2003') has come into force ... another notification provisions of
Section 4(b) of the SICA Repeal Act, 2003 has been
enforced providing for consequences of dissolution of the
BIFR
advantage of. Parliament has apparently taken note of this and has repealed SICA by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 . The vacuum ... Section 32 in SICA 1985 and yet did not choose to give overriding effect for Securitisation Act, 2002 over SICA 1985. It is this confusion
BIFR mechanism, Sick Industrial Companies (Special Provisions) Bill, 2001 for the repeal of SICA, 1985 and the abolition of BIFR / Appellate Authority for Industrial ... Finance recommended that SICA may be repealed and also approved the SICA Repeal Bill, 2001, which is what is here presently. The Committee, however, observed
Sick
Industrial Companies (Special Provisions) Repeal Act, 2003 ' ('SICA Repeal
Act, 2003' for short) as substituted by the 'Eighth Schedule ... December, 2016, whereby
provisions of different Acts were amended. The 'SICA Repeal Act, 2003'
was amended by Section
thereunder as
substitution to sub-clause (b) of Section 4, of SICA Repeal
Act, 2003 w.e.f. 01.12.2016, as hereunder:
"(b) On such ... substituted sub-clause (b) of Section 4 of the SICA Repeal
Act. Needless to say, that this exemption is not available
to other parties
matter was pending, the Appellate Authority
was dissolved pursuant to 'SICA Repeal Act, 2003'.
2. As there being no remedy, by Notification ... dated 25th
November, 2016, Section 4(b) of the 'SICA Repeal Act, 2003' was
amended/modified, which reads as follows:
2
"AFTER
Repeal Act as ultra vires the Constitution of India
on the ground that the repeal of the SICA has left her remediless in
respect ... that Section 3 of the Repeal Act
specifically enacts that the SICA is repealed and the AAIFR and the
BIFR stand dissolved.
68. The petitioner
submitted that in terms of Section 5 of the Repeal Act, the repeal of
SICA does not affect a rehabilitation scheme sanctioned by the BIFR ... BIFR, stands repealed.
37. According to Section 5(1)(c) of the Repeal Act, the Repeal of
SICA would not affect any right, privilege, obligation
notified in the official gazette any appointed date for
implementing SICA Repeal Act and the SICA Act, 1985 is still in
force ... SICA Repeal Act is required to be accepted. The observation made by
the learned Judge regarding the repealment of the SICA Act is devoid
