https://www.taxtmi.com/caselaws?id=441965 The Court held that the company court retains discretion to transfer winding up proceedings to NCLT post-admission, based on irreversible situations. Pre-service of notice petitions are compulsorily transferable, while post-admission petitions are subject to the Company Court's discretion. In cases where irreversible corporate death is inevitable, the winding up should be completed by the Company Court. Secured creditors' actions under IBC and their consent to transfer proceedings are factors considered. The Court directed winding up to proceed in some cases and upheld transfers to NCLT in others. en-us Wed, 16 Aug 2023 00:00:00 +0530 Mon, 21 Aug 2023 23:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441965 The Court held that the company court retains discretion to transfer winding up proceedings to NCLT post-admission, based on irreversible situations. Pre-service of notice petitions are compulsorily transferable, while post-admission petitions are subject to the Company Court's discretion. In cases where irreversible corporate death is inevitable, the winding up should be completed by the Company Court. Secured creditors' actions under IBC and their consent to transfer proceedings are factors considered. The Court directed winding up to proceed in some cases and upheld transfers to NCLT in others. Case-Laws Insolvency and Bankruptcy Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441965