https://www.taxtmi.com/caselaws?id=778447 HC allowed the petition to transfer the winding-up proceedings to the NCLT, holding that no irreversible steps (no actual sale of assets) had occurred and therefore discretionary transfer under the relevant statute was appropriate in light of SC precedents. The court noted a sanctioned revival scheme had failed and many creditor claims (over 1,250) remain pending with the Official Liquidator, whose expenses for asset preservation are depleting the common pool. Given the creditor-driven, time-bound scheme of the IBC and absence of irreversible actions, the transfer was ordered. en-us Fri, 12 Sep 2025 00:00:00 +0530 Wed, 17 Sep 2025 08:31:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778447 HC allowed the petition to transfer the winding-up proceedings to the NCLT, holding that no irreversible steps (no actual sale of assets) had occurred and therefore discretionary transfer under the relevant statute was appropriate in light of SC precedents. The court noted a sanctioned revival scheme had failed and many creditor claims (over 1,250) remain pending with the Official Liquidator, whose expenses for asset preservation are depleting the common pool. Given the creditor-driven, time-bound scheme of the IBC and absence of irreversible actions, the transfer was ordered. Case-Laws Companies Law Fri, 12 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778447