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of <h1>Petitions for company winding up due to unpaid debts must transfer to Tribunal; submit info by July 15, 2017, or abate.</h1> Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016 mandates that petitions for winding up a company due to inability to pay debts, pending in High Courts and not yet served under the Companies (Court) Rules, 1959, be transferred to the Tribunal with appropriate jurisdiction as per the Companies Act, 2013. Petitioners must submit required information by July 15, 2017, or the petition will be abated. After this date, parties can file fresh applications under relevant sections of the Code. Petitions not transferred remain with the High Court if related petitions are pending as of December 15, 2016.
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