https://www.taxtmi.com/caselaws?id=313231 The Delhi HC dismissed an application seeking transfer of winding-up proceedings to NCLT. The Court distinguished the case from Action Ispat, noting that unlike that case where no effective steps had been taken, here the winding-up had progressed to an irreversible stage. The company's assets had been sold, plant and machinery were with the creditor, and land was acquired by Haryana Government. With no assets available to satisfy creditor dues and proceedings at an advanced stage, the Court found no good reason for transfer to NCLT. en-us Mon, 20 Feb 2023 00:00:00 +0530 Mon, 01 Apr 2024 18:56:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313231 The Delhi HC dismissed an application seeking transfer of winding-up proceedings to NCLT. The Court distinguished the case from Action Ispat, noting that unlike that case where no effective steps had been taken, here the winding-up had progressed to an irreversible stage. The company's assets had been sold, plant and machinery were with the creditor, and land was acquired by Haryana Government. With no assets available to satisfy creditor dues and proceedings at an advanced stage, the Court found no good reason for transfer to NCLT. Case-Laws Companies Law Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313231