https://www.taxtmi.com/caselaws?id=449291 Pre-admission winding up petitions that had not reached any irreversible stage were to be transferred to the NCLT where insolvency proceedings were already pending, as parallel continuation would create duplication and conflict with the scheme of Section 434 of the Companies Act, 2013, the Transfer Rules, and the IBC. On contempt, wilful, deliberate and intentional disobedience of a court direction was required; efforts to arrange funds and revive the company, coupled with subsequent insolvency proceedings, negatived the mental element for contempt. The petitions were transferred to the insolvency forum, and contempt was not sustained. en-us Wed, 07 Feb 2024 00:00:00 +0530 Fri, 09 Feb 2024 07:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449291 Pre-admission winding up petitions that had not reached any irreversible stage were to be transferred to the NCLT where insolvency proceedings were already pending, as parallel continuation would create duplication and conflict with the scheme of Section 434 of the Companies Act, 2013, the Transfer Rules, and the IBC. On contempt, wilful, deliberate and intentional disobedience of a court direction was required; efforts to arrange funds and revive the company, coupled with subsequent insolvency proceedings, negatived the mental element for contempt. The petitions were transferred to the insolvency forum, and contempt was not sustained. Case-Laws Companies Law Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449291