Application to transfer winding-up petition to NCLT allowed. Impugned winding-up order and O.L. appointment revoked due to pending IBC proceedings. Costs to be borne by SBI and consortium.
Transfer to NCLT, revocation of winding-up order and O.L. appointment, disposal of pending applications.
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$~CP-21
CORAM: HON'BLE MR. JUSTICE JAYANT NATH O R D E R
% 14.01.2019
CA No.1240/2018
(a) all matters, proceedings or cases pending before the Board of Company Law Administration (herein in this section referred to as the Company Law Board) constituted under sub-section (1) of section 10E of the Companies Act, 1956 (1 of 1956), immediately before such date shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisions of this Act;
(b) any person aggrieved by any decision or order of the Company Law Board made before such date may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order: Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days; and
(c) all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately before such date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings from the stage before their transfer:
Provided that only such proceedings relating to the winding up of companies shall be transferred to the Tribunal that are at a stage as may be prescribed by the Central Government.
[Provided further that any party or parties to any proceedings relating to the winding up of companies pending before any Court immediately before the commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, may file an application for transfer of such proceedings and the Court may by order transfer such proceedings to the Tribunal and the proceedings so transferred shall be dealt with by the Tribunal as an application for initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.”
seize the office of the respondent company and the factory premises and further exercise is yet to be carried out. The application is allowed as above. The present petition is transferred to NCLT.
CO.PET. 731/2016
JAYANT NATH, J.
JANUARY 14, 2019/v
2 issues framed by the court
Whether proceedings under Companies Act should be transferred to NCLT under Section 434 in view of pending IBC proceedings.
Whether the costs of Official Liquidator expenses should be borne by the sponsor bank or the company.
1 provisions across 1 enactments
Shyam Metallics & Energy Limited
Action Ispat & Power Pvt. Ltd.
Jayant Nath
As recorded by the court registry
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