No. That is for MyBB 1.2.
Is it possible to upgrade to 1.6?
Not easily. You can go ahead and change this line (within the /inc/plugins/inventoryshop.php file):
"compatibility" => "12*"
To this:
"compatibility" => "16*"
But I am 99% it won't work. There were a lot of changes between MyBB 1.2 and 1.6.
Just a simple method. Hire a coder to port it to MyBB 1.6.