2021 (2) TMI 1183 - HC - Companies Law

Pendency of proceedings before the High Court / NCLT and transfer of proceedings - HELD THAT - The printout of the judgments in ACTION ISPAT AND POWER PVT. LTD. VERSUS SHYAM METALICS AND ENERGY LTD. 2020 (12) TMI 535 - SUPREME COURT and FORECH INDIA LTD. VERSUS EDELWEISS ASSETS RECONSTRUCTION CO. LTD. 2019 (1) TMI 1442 - SUPREME COURT may be produced before the Court by learned counsel and then will make submissions on this issue. Put up on 17.2.2021.

Summary

Issues:
- Pendency of proceedings before the High Court/NCLT and transfer of proceedings

Analysis:
The High Court, presided over by Honourable Dr. Justice Vineet Kothari, along with Honourable Ms. Justice Gita Gopi, heard the matter brought to their notice by the learned counsel for the Appellants. The counsel referred to two significant case laws, namely Action Ispat & Power Pvt. Ltd. vs. Shyam Metalics & Energy Ltd. and Forech India Ltd. vs. Edelweiss Assets Reconstruction Company Ltd., which dealt with the pendency of proceedings before the High Court/NCLT and the transfer of such proceedings. The Court directed the learned counsel to produce the printouts of these judgments for further submissions on the issue. The matter was adjourned to be put up on 17.2.2021 for the next hearing.

Additionally, the Court ordered the deletion of the name of Mr. K.M. Parikh, learned counsel, as Mr. Baiju Bhagat, another learned counsel, was representing Respondent No. 3, Bank of Baroda. This administrative detail was noted in the oral order issued by Honourable Dr. Justice Vineet Kothari. The proceedings seemed to be at a preliminary stage, with the focus primarily on the legal principles and precedents established in the two cited cases regarding the transfer and pendency of proceedings before the High Court/NCLT. The Court's decision to seek further submissions based on these judgments indicates a thorough consideration of the legal aspects involved in the case before them.