Psl Limited vs Jotun India Pvt. Ltd on 5 January, 2018
waited until the last few days to make an application to NCLT under
Section 10 of IBC and this Court had declined to grant further time or wait
till the company applied to NCLT. In my view, these are all irrelevant so
long as the application under Section 10 was made in time.
53 It has now been held by the Supreme Court in Bank of New
York Mellon (Supra) that by virtue of Section 252 of IBC, even in the case
of a company where a winding up order has been passed, it is open to such
a company, whose reference was deemed to be pending with BIFR, to seek
remedies under IBC before NCLT.