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2017 (12) TMI 560 - AT - Insolvency and BankruptcyTransfer of cases pending before the Company Law Board to the Tribunal - Transfer of certain pending proceedings - Held that:- Admittedly, no petition under Sections 433, 439 and 450 of the Companies Act, 1956 was maintainable before the erstwhile Company Law Board and it was maintainable before the Hon’ble High Court. For the said reason, the case pending before the Hon’ble High Court under Section 433 were transferred to the Adjudicating Authority (Tribunal). On the other hand, the cases under other provisions of the Companies Act, 1956 such as Sections 397 and 398 were transferred from the Company Law Board to the Tribunal, not to the Adjudicating Authority. In view of discussion aforesaid, we hold that the petition under Sections 433, 439 and 450 of the Companies Act, 1956 was not maintainable before the Company Law Board. Therefore, the question of treating the case under the I&B Code does not arise. Further, as the Rule 5 relates to transfer of cases from the Hon’ble High Court, we hold that the Rule 5 cannot be made applicable to the cases transferred from Company Law Board.
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