https://www.taxtmi.com/caselaws?id=753903 The HC transferred company liquidation proceedings to NCLT under 5th proviso to Section 434(1)(c) of Companies Act, 2013. The Court held that transfer is appropriate when winding up proceedings have not reached irreversible stage. Since Official Liquidator had not invited creditor claims per Rule 148, transfer to NCLT would ensure speedier resolution through corporate insolvency resolution process under IBC, 2016, allowing creditors active participation. The admission order dated 28th September 2017 was recalled, and proceedings were to be treated as application for initiation of corporate insolvency resolution process. en-us Fri, 03 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 03:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753903 The HC transferred company liquidation proceedings to NCLT under 5th proviso to Section 434(1)(c) of Companies Act, 2013. The Court held that transfer is appropriate when winding up proceedings have not reached irreversible stage. Since Official Liquidator had not invited creditor claims per Rule 148, transfer to NCLT would ensure speedier resolution through corporate insolvency resolution process under IBC, 2016, allowing creditors active participation. The admission order dated 28th September 2017 was recalled, and proceedings were to be treated as application for initiation of corporate insolvency resolution process. Case-Laws Companies Law Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753903