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2017 (4) TMI 478 - AT - Companies LawNCLT President power to decide which Bench will hear the matter - Held that:- The President of the NCLT has not been empowered to decide which Bench will hear the matter, if a petition under section 388-B of Act 1856 is filed. Even if it is presumed, though not accepted that the Notification issued by the President under Regulation 4 of Company Law Board Regulations 1991 deemed to be continuing, it cannot override the Notification dated 1st June 2016 issued by Central Government in exercise of power conferred by sub-section (1) of Section 419 of the Companies Act, 2013. The circular issued by Company Law Board, under Regulation 4 also cannot override Rule-64 of NCLT Rules, 2016.Sub-section (1) of Section 434 mandates transfer of proceedings pending before the Company Law Board to respective Tribunal having territorial jurisdiction. The circular issued under Regulation 4 of 1991 Regulation cannot be given effect in view of the aforesaid mandate under the Act. Section 434(a) read with sub-section (1) of Section 419 of Companies Act, 2013 and Notification dated 1st June 2016 issued by Central Government under sub-section (1) of Section 419 and the Rule 64 of NCLT Rule it is clear the Benches, including Principal Bench have territorial jurisdiction on the Companies exclusively on the basis of location of the registered office of such company. In fact, this law is also being followed by the Principal Bench of NCLT, New Delhi for placing all the petitioners before one or other Bench and that Section 488-B of Act 1956, cannot be exception of the same. For the reasons aforesaid we set aside the impugned order dated 6th December 2016 passed by the "Principal Bench" of NCLT, New Delhi in C.P. No. 01/2015 with the direction to the Registry of the Principal Bench, NCLT, New Delhi to transfer the C.P. No. 01/2015 to the NCLT Bench at Chennai, where registered office of the appellant company is situated.
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