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TMI Blog2017 (7) TMI 1276X X X X Extracts X X X X X X X X Extracts X X X X ..... e view that the petition under Section 433(e) of the Companies Act, 1956 on transfer under subsections (1) and (2) of Section 434 of the Companies Act, 2013 cannot be treated to be an application under Sections 7, 9 or 10 of the I&B Code, as sub-section (1) of Section 239 of the I&B Code relates to framing of rules by the Central Government with regard to the I&B Code to the extent empowered therein and the Central Government has not been empowered to transfer the cases under the said provision except under Section 434 of the Companies Act, 2013. For the reasons aforesaid, we set aside the impugned orders dated 24th February, 2017 and 4th April, 2017 passed by the Learned Adjudicating Authority (National Company Law Tribunal), Mumbai Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai. Rule 5 reads as follows: 5. Transfer of pending proceedings of Winding up on the ground of inability to pay debts.- (1) All petitions relating to winding up under clause (e) of section 433 of the Act on the ground of inability to pay its debts pending before a High Court, and where the petition has not been served on the respondent as required under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under subsection (4) of section 419 of the Act, exercising territorial jurisdiction and such petitions shall be treated as applications under sections 7, 8 or 9 of the Code, as the case may be, and deal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es under Section 433 of the Companies Act, 1956 while exercising its power conferred under sub-sections (1) and (2) of Section 434 of the Companies Act, 2013. While dealing with the case of Rubina Chadha and another today, Shri Sanjay Shorey, Joint Director (Legal), Ministry of Corporate Affairs, Government of India appeared and brought to the notice of the Appellate Tribunal a Notification dated 29th June, 2017 issued by the Central Government in exercise of the powers conferred under sub-sections (1) and (2) of Section 434 of the Companies Act, 2013 read with sub-section (1) of Section 239 of the I B Code framing the Companies (Transfer of Pending Proceedings) Second Amendment Rule, 2017, whereby Rule 5 circulated vide Notification dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where there is another petition under clause (e) of section 433 of the Act for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to the Tribunal, even if the petition has not been served on the respondent. 5. As the earlier Rule 5 now stand substituted by the amended Rule 5 vide Notification dated 29th June, 2017, we are of the opinion that the Tribunal should re-consider the matter in terms of the substituted Rule 5, in view of the fact that earlier Rule 5 was doubted by the Appellate Tribunal and the Central Government accepting the same, issued substituted Rule 5 vide Notification dated 29th June, 2017. 6. We are also of the prima facie view that the petition u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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