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2016 (12) TMI 1253 - HC - Insolvency and BankruptcyNCLT territorial jurisdiction over the Winding up petition - what amounts to a notice under Rule 26 of the Companies (Court) Rules, 1959 for the purposes of transfer of pending winding up petitions under Clause (e) of Section 433 of the Companies Act, 1956 to NCLT within the meaning of the relevant transfer provisions? - Held that:- Every winding up petition under clause (e) of Section 433 which is pending before the High Court and which is not served by the petitioner on the respondent company shall stand transferred to NCLT under Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016. If such pending petition is served by the petitioner on the respondent, the petition will continue to be dealt with by this court and the applicable provisions will be the provisions of 1956 Act. As noticed above, these petitions, which have been served by the Petitioners on the Respondent in pursuance of the acceptance order, are to be treated as served as required under Rule 26 of the Companies (Court) Rules 1959. Accordingly, these petitions shall not be transferred to NCLT and shall continue to be dealt with by this court in accordance with the provisions of 1956 Act.
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