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2017 (7) TMI 1276 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHICorporate insolvency process - case was transferred from the Bombay High Court to Learned Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai - HELD THAT:- 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. We are also of the prima facie 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 Bench, Mumbai. As it is informed that the parties have settled the claim amicably, we have not remitted the case to Adjudicating Authority to admit the application, after hearing the parties. If any amount is due to Interim Resolution Professional, the appellants will pay the cost as may be determined by the Tribunal. The appeal stands disposed of with the aforesaid observations and directions
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