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TMI Blog2024 (5) TMI 1522X X X X Extracts X X X X X X X X Extracts X X X X ..... o by this Court and mere moving or non-moving of an application by any of the parties seeking such transfer, will not be decisive. Conclusion - It is the opinion of this Court, that since no substantive proceedings have been undertaken towards winding up of the company, the present petitions can not be allowed to be continued before this Court. Hence, the instant petitions are transferred to the NCLT. It is left to the NCLT to consider these matters on merits and pass appropriate orders in accordance with law. List before the NCLT on 08.07.2024. X X X X Extracts X X X X X X X X Extracts X X X X ..... company failed/neglected to discharge its liability, the petitioner was constrained to serve a statutory legal notice dated 03.02.2015, calling upon the respondent company to repay the amount due. The respondent company in its reply dated 18.02.2015, stated that the Work Order dated 12.05.2014 had been cancelled and a fresh Work Order dated 14.05.2014 was thereafter issued, which too was issued for the purposes of internal accounting, and adjusting the amount already paid under the MoU dated 22.05.2015. ANALYSIS & DECISION: 6. On a perusal of the record, it is borne out that the present winding up petitions are a complete non-starter. These proceedings are at a nascent stage, so much so that neither a Provisional Liquidator nor an Official Liquidator has been appointed to wrest charge over the properties and affairs of the respondent company. As such, no substantive orders have been passed in these company petitions. 7. In view of the same, vide order dated 22.07.2022, this Court called upon the petitioner to make submissions as to why these petitions should not be transferred to the National Company Law Tribunal NCLT 8. In this regard, submissions have been advanced by the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng before High Courts, to the NCLT, and reads as under: 434. Transfer of certain pending proceedings. (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 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; (c) all proceedings under the Companies Act, 1956 (1 of 1956), i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion.] 12. The aforesaid provision has been interpreted by the Supreme Court in the case titled Action Ispat (supra), whereby it was held that those winding up proceedings pending before High Courts, which have not progressed to an advanced stage, ought to be transferred to the NCLT. The relevant extract of the said decision is as follows: "22. Given the aforesaid scheme of winding up under Chapter XX of the Companies Act, 2013, it is clear that several stages are contemplated, with the Tribunal retaining the power to control the proceedings in a winding up petition even after it is admitted. Thus, in a winding up proceeding where the petition has not been served in terms of Rule 26 of the Companies (Court) Rules, 1959 at a preadmission stage, given the beneficial result of the application of the Code, such winding up proceeding is compulsorily transferable to the NCLT to be resolved under the Code. Even post issue of notice and pre admission, the same result would ensue. However, post admission of a winding up petition and after the assets of the company sought to be wound up become in custodia legis and are taken over by the Company Liquidator, section 290 of the Companies Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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