Winding up petition restored after dismissal, transferred to NCLT for compliance and orderly proceedings

The court allowed the restoration of a winding up petition that was dismissed in default due to the absence of the petitioner and failure to submit notices for the respondent company. The court found the grounds for restoration sufficient and set aside the previous dismissal order. Additionally, the court directed the transfer of the winding up petition to the National Company Law Tribunal (NCLT) in accordance with the Companies Act, 1956. The decision ensures compliance with legal provisions and orderly progression of the case by transferring the matter to the designated tribunal for further proceedings.

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Issues involved:
- Restoration of a winding up petition dismissed in default
- Transfer of the winding up petition to the National Company Law Tribunal (NCLT)

Restoration of the Winding Up Petition:
The judgment addresses an application seeking restoration of a winding up petition that was dismissed in default by the court due to the absence of the petitioner and failure to submit notices for the respondent company. The application for restoration is supported by an affidavit from the petitioner's counsel acknowledging the default. The court finds the grounds for restoration sufficient and allows the application, setting aside the previous order of dismissal dated 02.11.2016. Consequently, the petition is restored to its original number, and the application is disposed of accordingly.

Transfer of the Winding Up Petition to NCLT:
The judgment refers to a notification issued by the Ministry of Corporate Affairs, specifically Clause 5 thereof, which mandates the transfer of the winding up petition under Sections 433(1)(e), 434(1)(a), and 439 of the Companies Act, 1956, to the Principal Bench of the NCLT. Accordingly, the Registry is directed to transmit the petition's record to the NCLT for further proceedings as per the law. Furthermore, the petitioner's counsel is instructed to appear before the NCLT on 21.02.2017 in relation to the transferred petition.

This judgment not only addresses the restoration of a dismissed winding up petition but also highlights the procedural aspect of transferring such petitions to the NCLT as per the relevant legal provisions. The decision ensures that the matter is appropriately handled by the designated tribunal, emphasizing compliance with statutory requirements and the orderly progression of the case.

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