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Atamjit Singh and Ors. Vs. Sports Fit World Pvt. Ltd. (Neutral Citation: 2024:DHC:3635) - (High Court of Delhi) (07 May 2024)

Winding up proceedings pending before High Courts, which have not progressed to an advanced stage, ought to be transferred to the NCLT

MANU/DE/3348/2024

Company

The present company petition has been instituted under Section 433 (e) and (f) of the Companies Act, 1956 read with Section 434 and 439 of the Act, seeking winding up of the Respondent company and is predicated on the non-payment of an outstanding principal amount of Rs. 1,99,70,730, which is stated to have arisen as a result of arrears of rent for the period of June 2013 to 04.11.2015.

It appears that the respondent company has failed to pay its debt in the normal and ordinary course of its business and so, the present petition has been filed. However, from a perusal of the record, it is borne out that the present company petition is a complete non-starter, in so far then neither a Provisional Liquidator nor an Official Liquidator has yet been appointed in the present petition.

The Insolvency and Bankruptcy Code, 2016 as well as the Companies Act, 2013, have since been enacted during the pendency of these proceedings, it is the opinion of this court that the present petition does not deserve to continue before this Court, and it would be appropriate for the same to be transferred to the National Company Law Tribunal.

It would also be expedient to place reliance on the decision of the Supreme Court in the case titled Action Ispat and Power Private Limited v. Shyam Metalics and Energy Limited, whereby it was held that, those winding up proceedings pending before High Courts, which have not progressed to an advanced stage, ought to be transferred to the NCLT.

This above noted decision of the Supreme Court has been relied upon by this court in Citicorp International Limited v. Shiv Vani Oil & Gas Exploration Services Limited, wherein it was held that winding up proceedings pending before High Courts, which are at a nascent stage and have not progressed to an advanced stage, ought to be transferred to the NCLT. Hence, the instant petition is transferred to the NCLT. In view of the same, the present company petition as well as pending applications are accordingly disposed of.

Tags : WINDING UP   PROCEEDINGS   TRANSFER  

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