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2022 (1) TMI 573 - HC - Companies LawWinding up of the respondent-Company - failure to pay the debt of the petitioner under sections 433, 434 and 439 of the Companies Act, 1956 - Transfer of winding up petitions from the Company Court to be tried by the NCLT - HELD THAT - It appears that after the order of admission and advertisement of the petition, no further orders are passed by the Court with regard to order of winding up of the company nor the Court has appointed the provisional Liquidator. In view of the following observations of the Apex Court in case of ACTION ISPAT AND POWER PVT. LTD. VERSUS SHYAM METALICS AND ENERGY LTD. 2020 (12) TMI 535 - SUPREME COURT , this petition is required to be transferred to the NCLT, Ahmedabad. The Company Petition No. 102 of 2006 is accordingly transferred to the National Company Law Tribunal, Ahmedabad Bench. Registry to forward the papers to the Tribunal within a period of Eight weeks from today along with order - Application allowed.
Issues:
Petition for winding up of respondent-Company under sections 433, 434, and 439 of the Companies Act, 1956. Transfer of the petition to the National Company Law Tribunal (NCLT) in light of the decision in the case of Action Ispat and Power Pvt Ltd. vs. Shyam Metalics and Energy Ltd. Analysis: Issue 1: Petition for Winding Up The petition was filed for winding up the respondent-Company due to its failure to pay the debt of the petitioner under relevant sections of the Companies Act, 1956. The matter was admitted by the Court, and directions were given for advertisement in local newspapers. However, due to the amalgamation of the original petitioner with another bank, an amendment was sought and allowed by the Court. The case was adjourned multiple times without any substantive progress on the merits. Issue 2: Transfer to NCLT The respondent-Company argued for the transfer of the proceedings to the NCLT based on the decision in the case of Action Ispat and Power Pvt Ltd. vs. Shyam Metalics and Energy Ltd. The Court noted that no further orders had been passed regarding the winding up of the company or the appointment of a provisional Liquidator. Citing the observations of the Apex Court, the Court decided to transfer the petition to the NCLT in Ahmedabad. The Court emphasized the stages involved in winding up proceedings under the Companies Act, 2013, and the power of the Tribunal to control the proceedings even after admission. The decision to transfer the case was based on ensuring compliance with the relevant provisions of the law and the need for effective resolution under the Code. Conclusion The Court, after considering the arguments from both parties and the legal framework, transferred the Company Petition to the NCLT, Ahmedabad Bench. The Registry was instructed to forward the necessary documents to the Tribunal within a specified timeframe for further proceedings in accordance with the law. This decision aligns with the legal principles outlined by the Apex Court and aims to facilitate the resolution of the matter under the appropriate legal framework provided by the Companies Act, 2013.
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