Bifr registered companies
amit
(Querist) 10 May 2017
This query is : Resolved
Sir, We are SSI registered Corrugated cartons manufacturing unit.one of my customer is BIFR registered since 2010. His DRS is still not accepted by BIFR. I have started supplying him corrugated cartons from 2008 & he has not disclosed that they are BIFR registered.He was giving us payment so we have filed case with MSME Facilitation council.During Discussions, he was trying to convince that he is protected due to BIFR registered unit.Now, As SICA Act has been repealed & BIFR has been dissolved by Government, what will happen to BIFR registered unit ? Pls. guide.
rajeev sharma
(Expert) 11 May 2017
All the reference pending before BIFR stands abated. The parties were given 45 days time to file a resolution petition before NCLT/DRT. If the petition has not been filed then no protection is available to your client.You may refer to the provision of Insolvency and Bankruptcy Code 2016
Rajendra K Goyal
(Expert) 11 May 2017
All related documents need to be referred for advice, please discuss with consultant in the field.
krishna mohan
(Expert) 22 May 2017
Well advised by Mr.Rajeev Sharma. I am of the view BIFR may not be applicable for supplier dues or sundry creditors as it may relate to institutional financing by banks against the collaterals of hypothecated property. You may like to consider this aspects also.
rajeev sharma
(Expert) 22 May 2017
BIFR is non entity now. Jurisdiction of BIFR was related to the net worth of the company. Where the net worth of a company(non MSME) was in minius it was mandatory for that co to file a reference with BIFR
krishna mohan
(Expert) 23 May 2017
My doubt was whether supplier dues are also to be dealt by BIFR?
rajeev sharma
(Expert) 24 May 2017
yes . Had BIFR prepared DRS dues of all creditors would have been taken into account.
