Disposed¶22

M/S.Paras Fats v. M/S.I.Vanaspati

Orissa HC18 Jul 2024CMPAT/19/1996

Case brief

AI extract

What is this about?

Court: High Court of Orissa at Cuttack | Case: CMPAT No.19 of 1996 | Parties: Paras Fats Limited (Petitioner, Adv. N.C. Panigrahi) vs M/s. Ipinit Vanaspati Limited & other Opposite Parties (Sr. Adv. S. Palit) | Coram: Dr. Justice S.K. Panigrahi | Date: 18.07.2024 | Statutes: Section 434(c) of the Companies Act, 2013; Companies Act, 1956 (1 of 1956) (within quoted provision) | Key points: transfer of pending proceedings (arbitration, compromise, arrangements, reconstruction, winding up) from District Court/High Court to Tribunal; Petitioner directed to NCLT; liberal condonation of delay in approaching Tribunal | Outcome: CMPAT disposed of.

What did the court decide?

Petitioner directed to approach the National Company Law Tribunal for redressal of its grievance, with any delay in such approach to be condoned liberally. ¶22

M/S.Paras Fats Vs M/S.I.Vanaspati — Company and Corporate | Orissa HC (2024)

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IN THE HIGH COURT OF ORISSA AT CUTTACK CMPAT No.19 of 1996

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Paras Fats Limited …. Petitioner

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Represented By Adv. Mr. N.C. Panigrahi -versus…. M/s. Ipinit Vanaspati Limited Opposite Parties & Ors.

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Represented By Sr. Adv. Mr. S. Palit

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CORAM:

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DR. JUSTICE S.K. PANIGRAHI

ORDER

Order

18.07.2024

No.

1 . . This matter is taken up through hybrid arrangement.

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2 . During course of hearing, learned counsel for the Opposite Parties brings to the notice of this Court to the Provision under Section 434(c) of the Companies Act, 2013 and submits that the Petitioner should have approached the National Company Law Tribunal for redressal of its grievance.

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3 . The Provision under Section 434(c) of the Companies Act, 2013 is extracted herein below:-

“XXX

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(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:

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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:

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XXX”

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4 . Considering the submissions made and the provision as quoted above, this Court directs the Petitioner to approach the National Company Law Tribunal for redressal of its grievance. It is directed that the delay, if any, in the approach of the Petitioner shall be condoned liberally.

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5 . Accordingly, the CMPAT is disposed of.

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(Dr. S.K. Panigrahi)

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Judge

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Sumitra

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Signature Not Verified

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Digitally Signed Signed by: SUMITRA NAYAK Designation: Jr. Stenographer Reason: Authentication Location: High Court of Orissa, Cuttack Date: 19-Jul-2024 18:16:09

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M/S.Paras Fats v. M/S.I.Vanaspati

Case brief

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M/S.Paras Fats v. M/S.I.Vanaspati

Case brief

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