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TMI Blog2024 (6) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... ition is transferred to the NCLT. Parties to appear before the NCLT on 27.05.2024. The interim orders passed by this Court in these petitions, if any, shall continue till the said date. Petition disposed off. - HON'BLE MR. JUSTICE DHARMESH SHARMA For the Petitioner : Mr. Kunal Kher, Adv For the Respondent : Mr. Lokesh Chopra, Adv. for applicant ORDER CO.PET. 320/2008 1. The instant Company Petition has been instituted under Sections 433(e), 434 and 439 of the Companies Act, 1956 seeking winding up of the respondent company M/s. Indus Poly films Specialists Pvt. Ltd., and is predicated on the non-payment of outstanding dues amounting to Rs. 31,78,615/- along with interest @ 18% per annum. 2. Briefly stated, the petitioner company is en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n issued under Section 138 of the Negotiable Instruments Act of 1881. Thereafter, in view of the fact that the respondent company failed/neglected to discharge its liability, the petitioner company was constrained to serve a legal demand notice dated 15.09.2008 upon the respondent company under Section 434 of the Companies Act, 1956 calling upon them to repay the outstanding amount of Rs. 31,78,615/- along with interest @ 18% per annum. However, despite issuance and service of the legal notice dated 15.09.2008, the respondent company failed to repay the outstanding amount, and hence, the present petition was instituted. 6. It is borne out from the record that a Provisional Liquidator was appointed to the respondent company vide order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs (1) On such date as may be notified by the Central Government in this behalf,- (a) all matters, proceedings or cases pending before the Board of Company Law Administration (herein in this section referred to as the Company Law Board) constituted under sub-section (1) of section 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, 1959.] Provided also that proceedings relating to cases of voluntary winding up of a company where notice of the resolution by advertisement has been given under subsection (1) of section 485 of the Companies Act, 1956 but the Company has not been dissolved before the 1st April, 2017 shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959. 9. It is also expedient to consider the decision of the Supreme Court in the case titled Action Ispat and Power Pvt. Limited v. Shyam Metalics and Energy Limited (2021) 2 SCC 641 , wherein the aforesaid provision came up for interpretation and the relevant extract of which is reproduced hereunder: 22. Given the aforesaid scheme of w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erring 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. 10. The above noted decision of the Supreme Court has been relied upon by this Court in Citicorp International Limited v. Shiv-Vani Oil Gas Exploration Services Limited CO.PET. 446/2013 , wherein it was held that winding up proceedings pending before High Courts, which are at a nascent stage and have not progressed to an advanced stage, ought to be transferred to the NCLT. 11. Hence, the instant petition is transferred to the NCLT. Parties to appear before the NCLT on 27.05.2024. The interim orders passed by this Court in these petitions, if any, shall c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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