9911796707
TMI Blog2024 (7) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... ued by the respondent company upon the petitioner, for carrying out M.S. Structural work which was to be done at the agreed rate of Rs. 74 per kg for the work stated therein. It is the case of the petitioner that on carrying out the work stipulated, invoices dated 27.10.2014, 01.12.2014 and 27.12.2014 were raised, amounting to Rs. 49,54,382/-. It is brought forth that an amount of Rs. 23,26,500/- stood paid by the respondent thereby leaving a balance amount of Rs. 26,27,444/-. 3. To settle the remaining dues, the respondent issued four cheques dated 16.01.2015 for Rs. 9,90,000/-; 01.05.2015 for Rs. 7,64,444/-; 15.05.2015 for Rs. 3,00,000/-; and 19.05.2015 for Rs. 8,91,000/-, all of which stood dishonoured on being present on the ground of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining amount of Rs. 6,00,000/- despite being given several opportunities. The said position has been recorded in the order dated 28.08.2023, and it was further stated therein that in case the respondent company fails to repay the balance amount be the next date, the Court would be constrained to direct the publication of the winding up citations and thereafter set in motion the liquidation proceedings. 7. It is but evident that the respondent company is unable to pay its debt and has failed to discharge its liability towards the petitioner, despite undertaking to do so per the settlement arrived at between the parties and has further neglected to repay the balance amount even after being afforded multiple opportunities by this Court. 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any 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; (c) all proceedings under the Companies Act, 1956 (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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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). (2) The Central Government may make rules consistent with the provisions of this Act to ensure timely transfer of all matters, proceedings or cases pending before the Company Law Board or the courts, to the Tribunal under this section.] 10. It would also be expedient to place reliance on the decision of the Supreme Court in the case titled Action Ispat (supra), whereby it was held that those winding up proceedings pending before High Courts, which have not progresse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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." 11. In view of the foregoing discussion, it is the opinion of this Court, that since no substantive proceedings have been undertaken towards winding up of the company, the present petition does not deserve to be continued before this Court. Although this company petition has been admitted by this Court, it is at a nascent stage and no effective orders as such have been passed towards the winding up ..... X X X X Extracts X X X X X X X X Extracts X X X X
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