Transferred winding-up petitions must meet the IBC threshold at the time of Tribunal consideration, not original filing.

Transferred winding-up petitions were to be treated as applications for commencement of corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016, and their maintainability depended on the threshold in force when the Tribunal considered them. The earlier filing date of the winding-up petitions did not preserve the pre-existing lower threshold. The proviso to Section 434 of the Companies Act, 2013 was read as making the transferred matters subject to the Code as then applicable, and Section 6 of the General Clauses Act was held inapplicable because the amending scheme showed a different intention. The coordinate decision in Falcon Industries was followed.

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Issues: Whether winding-up petitions transferred from the High Court to the Tribunal had to satisfy the threshold applicable on the date of transfer for maintainability under the Insolvency and Bankruptcy Code, 2016.

Analysis: The transferred winding-up proceedings were required to be dealt with as applications for initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The proviso to Section 434 of the Companies Act, 2013 made the transferred matters subject to the Code as it stood when the Tribunal considered them. The earlier filing date of the winding-up petitions did not preserve the lower threshold that existed when those petitions were first instituted. The reliance on Section 6 of the General Clauses Act was rejected because the amending scheme disclosed a different intention. The coordinate decision in Falcon Industries was followed, and the dismissal of the appeal before the Supreme Court was noted.

Conclusion: The threshold applicable on transfer was the governing threshold, and the transferred petitions did not satisfy it; the appeals failed.

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