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TMI Blog2023 (10) TMI 1259X X X X Extracts X X X X X X X X Extracts X X X X ..... would show that in cases where the petition is not at an advanced stage, the matter is to be transferred to the NCLT. Considering the fact that the winding up proceedings are at a nascent stage and only initial publication/citation was done in the newspapers, this Court is of the opinion that the matter cannot proceed before two fora - IBC being a statute which is meant to encourage revival of the company, it is deemed appropriate to transfer the present petition to NCLT, Allahabad Bench, Prayagraj. Petition disposed off. - JUSTICE PRATHIBA M. SINGH For the Petitioner : Mr. Jai Bansal, Adv. For the Respondents : Ms. Ruchi Sindhwani, Sr. Standing Counsel with Ms. Megha Bharara, Adv. for OL. (M: 9811533510) Mr. Rajat Bhatia, Ms. Alka Nupur Singh, Mr. Karan Ahuja, Ms. Ekta Mudgil, Advs. for Intervenor. (M: 9999251398s) ORDER Prathiba M. Singh, J. (Oral) 1. This hearing has been done through hybrid mode. 2. The present petition has been filed under Section 433(e) and Section 439 of the Companies Act, 1956 seeking winding up of the Respondent Company. The company in liquidation is M/s Octagon Builders Promoters . The following nine petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se, if required. The Official Liquidator shall also endeavour to prepare a complete inventory of all the assets of the respondent-company when the same are taken over; and the premises in which they are kept shall be sealed by him. At the same time, he may also seek the assistance of a valuer to value all assets to facilitate the process of winding up. It will also be open to the Official Liquidator to seek police help in the discharge of his duties, if he considers it appropriate to do so. The Official Liquidator to take all further steps that may be necessary in this regard to protect the premises and assets of the respondent-company. 4. On the said date, the following order was passed in the remaining petitions: These petitions are filed seeking winding up of the respondent company. This court has today in CP 147/2014 admitted the petition and appointed the OL as the Provisional Liquidator. Accordingly, the present petitions have become infructuous and stand disposed of. Liberty is granted to the petitioners to file their claim before the OL within six weeks in the prescribed manner as per law. Petitions stand disposed of. 5. Pursuant to the said order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 10E of the Companies Act, 1956 (1 of 1956), immediately before such date shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisions of this Act; (b) any person aggrieved by any decision or order of the Company Law Board made before such date may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order: Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days; and (c) all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately before such date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings from the stage before their transfer: Provided that only such procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal within sixty days from the date of this notification, failing which the petition shall abate. Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with rule 7, required for admission of the petition under sections 7,8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal upto 15th day of July, 2017, failing which the petition shall stand abated: Provided further that any party or parties to the petitions shall, after the 15th day of July, 2017, be eligible to file fresh applications under sections 7 or 8 or 9 of the Code, as the case may be, in accordance with the provisions of the Code: Provided also that where a petition relating to winding up of a company is not transferred to the Tribunal under this rule and remains in the High Court and 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 tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding up, instead of transferring the proceedings to the NCLT to now be decided in accordance with the provisions of the Code. Whether this stage is reached would depend upon the facts and circumstances of each case. 11. A conjoint reading of Rule 5 of the notification dated 7th December, 2016 along with the aforementioned judgment would show that in cases where the petition is not at an advanced stage, the matter is to be transferred to the NCLT. 12. Furthermore, in the petition before the NCLT being CP(IB) No.289/ALD/2018, an IRP has already been appointed. Considering the fact that the winding up proceedings are at a nascent stage and only initial publication/citation was done in the newspapers, this Court is of the opinion that the matter cannot proceed before two fora. 13. One of the primary objectives of the enactment of IBC is to provide for the revival of the corporate debtor and liquidation has to be resorted to only as a last resort as observed by the Supreme Court in K.N. Rajakumar v. V. Nagarajan [C.A. No. 1792/2021, date of decision 15th September, 2021]. The relevant portion of the said judgment reads as under: It could thus be seen that one of the prin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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