NCLT reference jurisdiction and insolvency abatement issues kept open pending further submissions on asset-related proceedings.

Questions arose over whether proceedings concerning the companies' assets were pending before the NCLT and, if not, whether the High Court could refer the parties' claims and related questions of law and fact to that Tribunal. The matter was considered against the background of secured creditor recovery action, prior winding-up and sale of assets, and the asserted effect of the insolvency framework, including alleged abatement under the repeal and amendment provisions governing sick industrial companies. No final view was taken on the abatement issue or on the power of referral; further submissions were called for on the pending status of proceedings and the Court's reference jurisdiction.

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Issues: Whether any proceedings concerning the assets of the companies were pending before the National Company Law Tribunal, and if no such proceedings were pending, whether the Court could refer the matter to that Tribunal for determination of the parties' claims and questions of law and fact.

Analysis: The order noted the background of recovery action by secured creditors, the prior winding-up and sale of assets, and the effect of the insolvency framework, including the alleged abatement of proceedings under the repeal/amendment provisions relating to sick industrial companies. The Court did not finally decide the legal effect of the abatement or the power of referral at that stage and instead sought further submissions on the pending status of proceedings before the Tribunal and on the Court's power to make such a reference.

Outcome: No final adjudication was recorded. The matter was directed to be taken up after further submissions on the identified questions.

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