TMI Blog2023 (11) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... 88 - DELHI HIGH COURT ] would show that in cases where the petition is not at an advanced stage, the matter is to be transferred to the NCLT. In the present petitions, apart from issuance of notice, no steps have been taken. None appear for the parties as well. Accordingly, the present petitions are directed to be transferred to the NCLT. List before the NCLT on 1st November 2023 - petition allowed. - CO.PET. 229/2016 and CO.APPL. 967/2016, 968/2016, CO.PET. 231/2016 and CO.APPL. 975/2016, 976/2016 , CO.PET. 232/2016 and CO.APPLs. 978/2016, 979/2016, CO.PET. 233/2016 and CO.APPL. 981/2016, 982/2016 , CO.PET. 235/2016 and CO.APPL. 987/2016, CO.APPL. 988/2016 EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED Versus SUKHMANI FINANCIAL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not dispose off or alienate or encumber either directly or indirectly, or otherwise part with possession of any assets of the company to the tune of Rs. 680 crores, except in the ordinary course of business and for the payment of salaries and statutory dues. Thereafter pleadings have been completed in the matters. The petitions are yet to be heard. 5. The debt of the ICICI Bank Ltd. came to be been assigned to Edelweiss Asset Reconstruction Company Ltd vide assignment deed dated 29th June, 2016. 6. In the present case, the substitution of ICICI Ltd to Edelweiss was allowed on 15th December 2017. On 13th March 2023, the Petitioner prayed that the matters deserve to be transferred to NCLT. On the said date an adjournment was sought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 of 1956), including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately before such date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings from the stage 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. Provided further that only such proceedings relating to cases other than winding-up, for which orders for allowing or otherwise of the proceedings are not reserved by the High Courts shall be transferred to the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Act, exercising territorial jurisdiction and such petitions shall be treated as applications under sections 7, 8 or 9 of the Code, as the case may be, and dealt with in accordance with Part II of the Code: Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with Rule 7, required for admission of the petition under Sections 7,8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal within sixty days from the date of this notification, failing which the petition shall abate. Provided t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any of the parties to the proceedings, the transfer may be made by the Court in terms of the second proviso of Section 434 (1) of the Companies Act, 1956. In Action Ispat (supra), if the winding up is not at an advanced stage, the High Court may transfer the matter to the NCLT. The relevant portion of the said judgement is set out below: 31. Given the aforesaid scheme of winding up under Chapter XX of the Companies Act, 2013, it is clear that several stages are contemplated, with 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 pre-admission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been invited. Clearly the winding up process could consume considerable time. Accordingly, the present company petition is transferred to the NCLT. The entire record of the present petition shall also be remitted in the electronic form to the Registrar, NCLT, and the same shall be listed before the NCLT. All the parties appearing before the Court are also permitted to appear before the NCLT on 3rd August, 2023. The OL shall continue to exercise the control over all the properties of the Company under liquidation, subject to any orders that the NCLT may pass in future. 11. A conjoint reading of Rule 5 of the notification dated 7th December, 2016 along with the aforementioned decision would show that in cases where the petition is not a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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