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2018 (10) TMI 1488 - HC - Companies LawCorporate insolvency proceedings - company is under liquidation - seeking appropriate orders for transferring of the present petition to NCLT - Held that:- There are allegations of fraud and misappropriation on the part of the Ex. Directors. AS informed that the Ex. Directors Mr.Sushant Mutreja and Mr.Nishant Mutreja are still in judicial custody pursuant to lodging of different FIRs against them. Keeping in view the observations in the chargesheet, this court has already ordered investigation by the SFIO. The liquidation proceedings are at an advanced stage. Much time has passed since the order appointing the OL as the Provisional Liquidator was passed. In view of the above, there is no ground made out to transfer the petition to NCLT. As applicant had pleaded that this fact that this court has admitted this petition and appointed the OL as the provisional liquidator was brought to the notice of NCLT, however, a perusal of the order of NCLT dated 25.05.2018 does not show any reference to the fact that the proceedings are pending in this court. As admittedly the winding up proceedings has been admitted and ordered for winding-up of the respondent- ‘Corporate Debtor’, we hold that the question of initiation of ‘Corporate Insolvency Resolution Process’ against same ‘Corporate Debtor’ does not arise. Application dismissed.
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