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2021 (12) TMI 1515 - 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 - HELD THAT - It appears that after the order of admission, advertisement of the petition and appointment of provisional liquidator, no further orders are passed by the Court with regard to order of winding up of the company. In such circumstances and in view of the following observations of the Apex Court in case of Action Ispat and Power Pvt Ltd. vs. 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. 10 of 2016 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. Tribunal to do the needful in accordance with law to proceed with the matter from the stage at which it is transferred. The Official Liquidator Report does not survive and stands disposed of accordingly.
Issues:
Company petition for winding up under sections 433, 434, and 439 of the Companies Act, 1956; Recall of orders dated 9th June, 2016, 7th April, 2016, and 1st September, 2017; Official Liquidator's report for ratifying actions; Transfer of proceedings to the National Company Law Tribunal (NCLT) in accordance with the decision in the case of Action Ispat and Power Pvt Ltd. vs. Shyam Metalics and Energy Ltd. Analysis: The judgment pertains to a company petition filed for the winding up of a respondent company due to non-payment of debt under sections 433, 434, and 439 of the Companies Act, 1956. The court admitted the matter and appointed the Official Liquidator as the Provisional Liquidator of the respondent company to take possession of its assets. Subsequently, the respondent-company filed Civil Applications to recall the orders dated 9th June, 2016, and 7th April, 2016, which were dismissed by the court on different dates in 2017. The Official Liquidator submitted a report to ratify the actions taken regarding the possession of the company's assets. The court noted that despite various adjournments at the parties' request, the matter had not progressed further, and no hearings on the merits had taken place. The petitioner's advocate referred to a Supreme Court decision and requested the transfer of the proceedings to the National Company Law Tribunal (NCLT) in line with the mentioned case law. The court, after considering the Apex Court's observations, decided to transfer the company petition to the NCLT in Ahmedabad, emphasizing the need for the proceedings to be resolved under the Code. Consequently, the court ordered the transfer of the company petition to the NCLT and directed the registry to forward the relevant documents to the Tribunal within eight weeks. The Official Liquidator's report was disposed of, and the order appointing the Provisional Liquidator was recalled in light of the transfer of the proceedings. The judgment highlighted the importance of transferring winding up proceedings to the NCLT when certain stages are reached, ensuring compliance with the relevant provisions of the law and the Code.
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