https://www.taxtmi.com/caselaws?id=313267 The Bombay HC allowed transfer of a company petition to NCLT under section 434(1)(c) proviso 5 of Companies Act, 2013. Following SC precedent in Action Ispat, the court held that winding up petitions should be transferred to NCLT unless irreversible events occurred. Despite petitioner's objections regarding post-petition transactions by the company, the HC found no irreversible circumstances warranting retention of jurisdiction. The court emphasized IBC's beneficial nature prioritizing corporate revival over liquidation. The petition was transferred to NCLT Mumbai to be treated as corporate insolvency resolution process application, with the original admission order recalled. en-us Tue, 10 Aug 2021 00:00:00 +0530 Wed, 03 Apr 2024 18:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313267 The Bombay HC allowed transfer of a company petition to NCLT under section 434(1)(c) proviso 5 of Companies Act, 2013. Following SC precedent in Action Ispat, the court held that winding up petitions should be transferred to NCLT unless irreversible events occurred. Despite petitioner's objections regarding post-petition transactions by the company, the HC found no irreversible circumstances warranting retention of jurisdiction. The court emphasized IBC's beneficial nature prioritizing corporate revival over liquidation. The petition was transferred to NCLT Mumbai to be treated as corporate insolvency resolution process application, with the original admission order recalled. Case-Laws Companies Law Tue, 10 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313267