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2019 (3) TMI 886 - HC - Companies LawTransfer of the winding-up proceedings to any Tribunal - Transfer of pending proceedings of Winding up on the ground of inability to pay debts - Company gone into liquidation pursuant to an order passed by the company Court on a creditor’s winding-up petition - HELD THAT:- On a reading of Section 434(1)(c) of the Act of 2013 with clause 5(1) of the Notification of December 7, 2016 that it is only where a petition for winding-up instituted under Section 433 (e) of the Act of 1956 has not been served on the company, will such winding-up petition stand transferred to the relevant Bench of the Tribunal. In the present case, the creditor’s winding-up petition resulted in an order of winding-up being passed on June 14, 2016. Thus, as at December 7, 2016, there was no question of transfer of the winding-up proceedings to any Tribunal. The appeal that has been carried from an order passed in the winding-up proceedings is not contemplated under the Act of 2013 or any notification issued thereunder to stand transferred to any tribunal. In any event, it can scarcely be expected that an order passed by a High Court would be carried by way of an appeal to any tribunal. In this context, it may be apposite to record qua the judgment in India Steam Laundry [2018 (9) TMI 337 - CALCUTTA HIGH COURT] that the ratio decidendi in a judgment is exactly what the judgment decides in the context of the issues before it and not what the judgment may imply to say. Without going into the legality of the answers rendered in India Steam Laundry the decision and the dictum therefore, be confined to a case of oppression and mismanagement instituted in this Court prior to the 1988 Amendment coming into effect in 1991. The dictum has no bearing on other company proceedings, far less any impact on proceedings that have been saved and are required to be continued in the High Courts pursuant to the first proviso to Section 434(1)(c) of the Act and as prescribed by the Central Government by the notification of December 7, 2016. The only alteration to such position now is that any party to the pending proceedings in this Court has a right to apply for the transfer of the proceedings to the relevant tribunal. The objection taken by IIBI Limited and IFCI Limited as to the maintainability of the present appeal is, thus, overruled. These matters pertaining to New Central Jute Mills Company Limited (in liquidation) will now appear one week after the puja vacation.
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