https://www.taxtmi.com/caselaws?id=435693 Transfer of winding up proceedings to the NCLT was refused because the company's liquidation had already reached an irreversible stage. The record showed prior sickness declaration, a winding up recommendation under the SICA regime, appointment of the Official Liquidator, invitation of claims, and substantial steps taken toward sale and realisation of assets over a long period. The Court noted that immovable property was under acquisition, movable assets had been taken over and sold, and available assets were insufficient to meet liabilities. On that factual basis, speculative possibilities of future release of acquired land did not justify transfer, and the order declining transfer was sustained. en-us Wed, 22 Mar 2023 00:00:00 +0530 Sat, 25 Mar 2023 08:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435693 Transfer of winding up proceedings to the NCLT was refused because the company's liquidation had already reached an irreversible stage. The record showed prior sickness declaration, a winding up recommendation under the SICA regime, appointment of the Official Liquidator, invitation of claims, and substantial steps taken toward sale and realisation of assets over a long period. The Court noted that immovable property was under acquisition, movable assets had been taken over and sold, and available assets were insufficient to meet liabilities. On that factual basis, speculative possibilities of future release of acquired land did not justify transfer, and the order declining transfer was sustained. Case-Laws Companies Law Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435693