9911796707
TMI Blog2018 (3) TMI 1829X X X X Extracts X X X X X X X X Extracts X X X X ..... ti Bhog Foods Limited ('Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, by impugned order dated 8th February, 2018 dismissed the petition as winding up proceedings is pending against the 'Corporate Debtor'. 2. Learned counsel for the Appellant submitted that 'I&B Code' is a complete Code by itself and Section 238 of the 'I&B Code' will override the other provisions, including the winding up proceedings initiated under Section 433 of the Companies Act, 1956. 3. He further submits that even after initiation of winding up proceedings, it is open to the Adjudicating Authority to restore the Company to its first stage of Resolution Process and on failure to order final stage of liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant in respect of such corporate debtor." 29. In view of the aforesaid provision where a winding up proceeding has already been initiated under the Companies Act, 1956 / 2013 by the Hon'ble High Court such cases have not been transferred to National Company Law Tribunal, pursuant to "Companies (Transfer of Pending Proceedings) Rules, 2016", framed by the Central Government. 30. Clause (d) of Section 11 refers to "liquidation order", against a Corporate Debtor. The word 'winding up' has not been mentioned therein. For the said reason by Section 255 read with Schedule 11 of the I & B Code, in Section 2 of the Companies Act, 2013 for clause (23), the following clause has been substituted: "1. In section 2,- (a) for clause (23), th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "M/s. Unigreen Global Private Limited Vs. Punjab National Bank & Ors." is also applicable to the 'Financial Creditor'/'Operational Creditor' for the reasons recorded below. The clause (d) of Section 11 is also applicable in respect to 'Corporate Debtor' in respect of whom a liquidation order has been made. 19. The question as raised in this appeal fell for consideration before this Appellate Tribunal in "Forech India Pvt. Ltd. Vs. Edelweiss Assets Reconstruction Company Ltd. & Anr. ─ Company Appeal (AT) (Insolvency) No. 202 of 2017", wherein this Appellate Tribunal by judgment dated 23rd November, 2017 held as follows: "7. There is no provision under the I & B Code which stipulate that if a 'winding up' or 'liquidation' proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
