BIFR was regulation governing sick companies in India which was implemnted in late eighties. Subsequently, in May 2016, GOI repeal BIFR Act (through SICA) and implemented new Insolvancy Code by name Insolvancy and Bankrupcy Code,2016.
Had this change would not have happen, the company post resucturing under BIFR scheme, would have shown Positive netwroth and would have sought permission from BIFR to exit. Now since the last order of BIFR attached in previous message on thread give indication that the company networth of the company turned positive and it was looking at BIFR exit, with Repeal of SICA act, the company has anyway came out of BIFR with positive networth.
Under new insolvancy regime, three parties, whether operational creditor, financial creditor (secured/unsecured) and shareholders of the company can apply for insolvancy. The code provide for standstill period of 6 months once the NCLT addmit the case to insolvancy. The new insolvancy professional would take over management of the company from board of directors and run the business and work under direction of creditor for revival plan. In case remedial plan is not successfully implemented or Creditor are looking at to liquidate the company, the company would go under liquidation. Anyway, as per code if the company is not revived in 180 days from reference, it would be subject to liquidation.
In view of above, in my opinion AIMCO would not be referring to NCLT and also with repeal of SICA, the company is out of BIFR with positive net worth.
For more information on Insolvency Code refer to
Find enclosed excellent presentation about timeline and key issue in new Insolvency code:
Disclaimer: While I am insolvency professional registered with IBBI, I am still not legal expert and hence please do proper legal due diligence before making any investment decision.