TMI Blog2017 (12) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... w 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. - Company Appeal (AT) No. 310 of 2017 - - - Dated:- 13-11-2017 - Mr. S.J. Mukhopadhaya, Mr. A.I.S. Cheema And Mr. Balvinder Singh, JJ. For The Appellants : Shri Jayant K. Mehta, Shri Aditya Verma and Shri Rahul Kukreja, Advocates For The Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal (hereinafter referred to as Tribunal ) for adjudication. After transfer of the case, the appellantrespondent objected to the maintainability of the petition under Sections 433, 439 and 450 of the Companies Act, 1956 on the ground that the CLB had no jurisdiction to entertain such petition. However, the Tribunal by impugned order dated 20th June, 2017 passed in T.C.P. No. 206 of 2016 (C.P. No. 19 of 2015), rejected the objection raised by the respondent (appellant herein) and held that the learned Adjudicating Authority is competent to try the company petition treating the petition under Section 9 of the Insolvency and Bankruptcy Code. 2016 (hereinafter referred to as I B Code ). The said order is under challenge in this appeal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to the Tribunal and the Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisions of this Act; ( b) any person aggrieved by any decision or order of the Company Law Board made before such date may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order: Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days; and ( c) all proceedings under the Companies Act, 1956 (1 of 1956), including p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under Clause (a) of sub-Section (1) of Section 434, transferred the cases from the Company Law Board to the Tribunal. Subsequently also, in exercise of powers conferred under sub-Sections (1) and (2) of Section 434 of the Companies Act, 2013 read with sub-Section (1) of Section 239 of the I B Code, the Central Government framed Rules known as The Companies (Transfer of Pending Proceedings) Rules, 2016 (hereinafter referred to as Transfer Rules ), which relates to transfer of cases from the Hon ble High Court to the Tribunal/Adjudicating Authority. Rule 5 therein reads as follows : 5. Transfer of pending proceedings of Winding up on the ground of inability to pay debts. - ( 1) All petitions relating to winding up under cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 9. 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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