2017 (12) TMI 399

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....h Court, Mumbai for winding up the Respondent Company- Baramati Agro Pvt. Limited on the ground that the debtor Company defaulted in making payment of Rs. 27,97,696/- to the Appellant. It was pleaded that the Appellant supplied goods to the Corporate Debtor which they received without raising any dispute but failed to repay the amount in spite of invoices raised and received by them. During the pendency of the case before the Hon'ble High Court, the Central Government, in exercise of the power conferred under sub-Sections (1) and (2) of Section 434 of the Companies Act, 2013 read with sub-Section (1) of Section 239 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code'), by notification dated 7th December, 201....

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.... fresh applications under sections 7 or 8 or 9 of the Code, as the case may be, in accordance with the provisions of the Code: Provided also that where a petition relating to winding up of a company is not transferred to the Tribunal under this rule and remains in the High Court and where there is another petition under clause (e) of section 433 of the Act for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to the Tribunal, even if the petition has not been served on the respondent." In view of the aforesaid provision, the petition under Sections 439, 434(e) and 439 of the Companies Act, 1956, which was pending before the Hon'ble Bombay High Court was transferre....

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....on under Section 7 or Section 9 can be entertained after long delay, amounting to laches and thereby the person forfeited his claim. 69. If there is a delay of more than three years from the date of cause of action and no laches on the part of the Applicant, the Applicant can explain the delay. Where there is a continuing cause of action, the question of rejecting any application on the ground of delay does not arise. 70. Therefore, if it comes to the notice of the Adjudicating Authority that the application for initiation of 'Corporate Insolvency Resolution Process' under section 7 or Section 9 has been filed after long delay, the Adjudicating Authority may give opportunity to the Applicant to explain the delay wi....