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TMI Blog2023 (8) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the Provisional Liquidator, as such the present matter may be transferred to the NCLT - Section 434 (1)(c) of the Companies Act, 2013. HELD THAT:- The Supreme Court in ACTION ISPAT AND POWER PVT. LTD. VERSUS SHYAM METALICS AND ENERGY LTD. [ 2020 (12) TMI 535 - SUPREME COURT] held that So long as no actual sales of the immovable or movable properties have taken place, nothing ir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... week, which the petitioner will clear within two weeks thereafter. - HON BLE MR. JUSTICE PRATEEK JALAN Petitioner Through: Ms. Deepa Sharma, Advocate. Respondent Through: Ms. Vasudha Sen, Mr. Vineet Wadhwa, Advocates. Mr. Rishi Manchanda, Standing Counsel for OL with Mr. Siddharth Mullick, Advocate. ORDER CO.APPL. 190/2022 (for transfer of the company petition) in CO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion that since no effective steps have been taken in the present matter pursuant to the appointment of the Provisional Liquidator, as such the present matter may be transferred to the NCLT. 5. Mr. Rishi Manchanda, learned counsel appearing on behalf of the OL, states that he has no objection to the prayers made in the application subject to the expenses incurred by the OL during the winding up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of the Code. Whether this stage is reached would depend upon the facts and circumstances of each case. 7. In view of the above submissions and in view of the judgment passed by the Supreme Court in Action Ispat (supra) and in Forech India Limited vs. Edelweiss Assets Reconstruction Company Limited and Another (2019) 18 SCC 549 , the present application is allowed subject to the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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