TMI Blog2019 (9) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... gements and re-construction/rehabilitation and other proceedings relating to the winding up to be adjudicated by the NCLT under the provisions of the Code, this Court deems it appropriate to transfer the pending Company Petition No.125/2014 to the NCLT. Petition transferred - application allowed. - COMPANY APPLICATION NO. 48 OF 2019 And COMPANY PETITION NO. 125 OF 2014 - - - Dated:- 18-6-2019 - MRS. S. SUJATHA, J. For The Applicant : Mr K. Arun Kumar, Sr. Counsel and Aditya Vikram Bhat, Advocates For The Respondent : Mr Sandesh Shetty T., Advocate ORDER 1. This company application is filed by the applicant/petitioner seeking transfer of the Company Petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal may proceed to deal with such proceedings from the state before their transfer: PROVIDED that only such proceedings relating to the winding up of companies shall be transferred to the Tribunal that are at a stage as may be prescribed by the Central Government. 7. In pursuant to the said provision, Ministry of Corporate Affairs, Central Government has issued a notification dated 07.12.2016, framing the Companies [Transfer of Pending Proceedings] Rules, 2016. Rule 5 of the said Rules, 2016 contemplates that: 5. Transfer of pending proceedings of Winding up on the ground of Inability to pay debts. - [1] All petitions relating to winding up under clause [e] of section 433 of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive effect from 06.06.2018 reads thus: PROVIDED FURTHER that any party or parties to any proceedings relating to the winding up of companies pending before any Court immediately before the commencement of the Insolvency and Bankruptcy Code [Amendment] Ordinance, 2018, may file an application for transfer of such proceedings and the Court may by order transfer such proceedings to the Tribunal and the proceedings so transferred shall be dealt with by the Tribunal as an application for initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 [31 of 2016:] 9. A reading of these provisions makes it clear that the proceedings under the Act, 1956 pending before this Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
