https://www.taxtmi.com/caselaws?id=371626 Pending winding up proceedings could be transferred to the NCLT under Section 434(1)(c) where the Official Liquidator was already a party and the transfer application served the creditors' collective interest. The objection that the secured creditor was not the original winding up petitioner was treated as only technical and did not defeat maintainability. On the facts, the long-pending proceedings had produced no effective recovery, the assets were already with secured creditors or otherwise inadequate, and the Tribunal route offered a better prospect of resolution. The High Court therefore upheld the transfer order and the revocation of the provisional liquidator. en-us Mon, 03 Dec 2018 00:00:00 +0530 Fri, 07 Dec 2018 06:53:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371626 Pending winding up proceedings could be transferred to the NCLT under Section 434(1)(c) where the Official Liquidator was already a party and the transfer application served the creditors' collective interest. The objection that the secured creditor was not the original winding up petitioner was treated as only technical and did not defeat maintainability. On the facts, the long-pending proceedings had produced no effective recovery, the assets were already with secured creditors or otherwise inadequate, and the Tribunal route offered a better prospect of resolution. The High Court therefore upheld the transfer order and the revocation of the provisional liquidator. Case-Laws Companies Law Mon, 03 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371626