9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (11) TMI 317 - HC - Companies LawTransfer of pending proceeding to NCLT - substitution of ICICI Ltd to Edelweiss - HELD THAT - A conjoint reading of Rule 5 of the notification dated 7th December, 2016 along with the decision in Citicorp International Limited v. Shiv-Vani Oil Gas Exploration Services Limited 2023 (7) TMI 1188 - DELHI HIGH COURT would show that in cases where the petition is not at an advanced stage, the matter is to be transferred to the NCLT. In the present petitions, apart from issuance of notice, no steps have been taken. None appear for the parties as well. Accordingly, the present petitions are directed to be transferred to the NCLT. List before the NCLT on 1st November 2023 - petition allowed.
Issues involved: Winding up petitions seeking transfer to NCLT u/s 434 of the Companies Act, 1956.
Summary: 1. The petitions sought winding up of respondent companies due to disputes over corporate guarantees issued in 2013. 2. An interim order was passed in 2016 preventing disposal of assets. Pleadings were completed, but the petitions were yet to be heard. 3. Debt of ICICI Bank Ltd. was assigned to Edelweiss Asset Reconstruction Company Ltd. in 2016. 4. Substitution of ICICI Ltd. to Edelweiss was allowed in 2017. Petitioner requested transfer to NCLT in 2023. 5. Insolvency and Bankruptcy Code, 2016 mandates transfer of pending proceedings to NCLT u/s 434 of the Companies Act, 1956. 6. Notification dated 7th December, 2016, directs transfer of winding up petitions not at an advanced stage to NCLT. 7. Court referred to a previous case where winding up petition was transferred to NCLT due to early stage of proceedings. 8. Since no significant steps were taken in the present petitions, they were directed to be transferred to NCLT for further proceedings. 9. The interim order from 2016 will remain in effect until considered by NCLT. Electronic records to be transmitted to Registrar NCLT. Conclusion: The petitions seeking winding up were directed to be transferred to NCLT as per the provisions of the Companies Act, 1956 and relevant notifications, due to the early stage of proceedings and lack of significant steps taken in the matter.
|
