https://www.taxtmi.com/caselaws?id=445036 Where a winding up petition was still at a nascent stage, with only citation and publication completed and no irreversible step taken, the High Court held that the proceeding should move to the NCLT under Section 434 of the Companies Act and the Companies (Transfer of Pending Proceedings) Rules, 2016. The court applied the settled principle that winding up matters not at an advanced stage may be transferred to the insolvency forum, especially because the insolvency framework prioritises revival of the corporate debtor as a going concern and treats liquidation as a last resort. The earlier order appointing the Official Liquidator was therefore recalled, and the claimant was left to pursue its claim before the NCLT. en-us Thu, 21 Sep 2023 00:00:00 +0530 Sat, 28 Oct 2023 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445036 Where a winding up petition was still at a nascent stage, with only citation and publication completed and no irreversible step taken, the High Court held that the proceeding should move to the NCLT under Section 434 of the Companies Act and the Companies (Transfer of Pending Proceedings) Rules, 2016. The court applied the settled principle that winding up matters not at an advanced stage may be transferred to the insolvency forum, especially because the insolvency framework prioritises revival of the corporate debtor as a going concern and treats liquidation as a last resort. The earlier order appointing the Official Liquidator was therefore recalled, and the claimant was left to pursue its claim before the NCLT. Case-Laws Companies Law Thu, 21 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445036