TMI Blog2022 (1) TMI 573X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of admission and advertisement of the petition, no further orders are passed by the Court with regard to order of winding up of the company nor the Court has appointed the provisional Liquidator. In view of the following observations of the Apex Court in case of ACTION ISPAT AND POWER PVT. LTD. VERSUS SHYAM METALICS AND ENERGY LTD. [ 2020 (12) TMI 535 - SUPREME COURT ], this petition i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t-Company as it has failed to pay the debt of the petitioner under sections 433, 434 and 439 of the Companies Act, 1956. 3.This Court (Coram : Hon ble Mr. Justice Anant S. Dave, As His Lordship was then) issued notice on 10th July, 2006. Thereafter, this Court (Coram : Hon ble Mr. Justice M.R. Shah) admitted the matter vide order dated 27th November, 2006 and further gave direction to advertise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rts are made to resolve the disputes between the petitioner and the respondent-Company but the same have failed. 6.On the other hand, learned advocate appearing for the respondent-Company submitted that in view of the decision of the Apex Court in case of Action Ispat and Power Pvt Ltd. vs. Shyam Metalics and Energy Ltd. rendered in of Civil Appeal No. 404 of 2020 on 15.12.2020, the proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal retaining the power to control the proceedings in a winding up petition even after it is admitted. Thus, in a winding up proceeding where the petition has not been served in terms of Rule 26 of the Companies (Court) Rules, 1959 at a preadmission stage, given the beneficial result of the application of the Code, such winding up proceeding is compulsorily transferable to the NCLT to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding up proceedings have reached a stage where it would be irreversible, making it impossible to set the clock back that the Company Court must proceed with the winding up, instead of transferring the proceedings to the NCLT to now be decided in accordance with the provisions of the Code. Whether this stage is reached would depend upon the facts and circumstances of each case. 8.In view of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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