Transfer of pending winding-up petitions to NCLT where liquidation has not reached an irreversible stage under the Companies Act.

Pending winding-up proceedings that have remained at a preliminary stage and have not progressed to irreversible liquidation steps are to be transferred to the National Company Law Tribunal under the statutory transfer regime in section 434 of the Companies Act, 2013. Applying that principle, the company petition was transferred to the Tribunal for consideration in accordance with law, and the parties were directed to appear before that forum.

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Issues: Whether the pending company petition for winding up of the respondent company should continue before the High Court or be transferred to the National Company Law Tribunal.

Analysis: The petition had remained at a preliminary stage and no substantial liquidation steps had been taken. In view of the statutory transfer regime under section 434 of the Companies Act, 2013 and the governing principles on transfer of pending winding-up matters, proceedings that have not reached an irreversible stage are to be transferred to the Tribunal for consideration in accordance with law.

Outcome: The company petition was transferred to the National Company Law Tribunal, with the parties directed to appear before that forum and the pending applications disposed of accordingly.

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