2017 (12) TMI 560

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....efore the erstwhile Company Law Board (hereinafter referred to as 'CLB') with the following prayers : "IX. FINAL RELIEF : a. The 1st respondent's ANRA Pharmaceuticals Pvt. Limited, order to be wound up by appoint(ing) of Receiver/Official Liquidator to take over Management with all assets b. direct the official liquidator to bring the public auction of the company properties and c. pay the petitioner share of property and R. Andandhakrishnan's share of the property to the petitioner. d. To declare the 05.01.2007 sale deed in Document No. 96/2007 and 97/2007 and mortgage deed in Document No. 286 of 2009 are null and void. e. Any other relief deem fit and proper in the circumstances of the....

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....e, the question of initiation of winding up proceedings in terms with the I&B Code does not arise. 4. On the other hand, according to learned counsel for the respondent/petitioner after transfer of the case, the Adjudicating Authority (Tribunal) has jurisdiction to initiate insolvency resolution process against the appellant. 5. To decide the issue, it is desirable to refer to the rules framed by the Central Government in terms with the provisions of Section 434 of the Companies Act, 2013 and Section 239 of the I&B Code. 6. Clause (a) of sub-Section (1) of Section 434 of the Companies Act, 2013 while deals with the transfer of cases pending before the Company Law Board to the Tribunal, Clause (c) of sub-Section (1) of Section 434 r....

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....rt, shall stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings from the stage before their transfer. Provided that only such proceedings relating to the winding up of companies shall be transferred to the Tribunal that are at a stage as may be prescribed by the Central Government : [Provided further that only such proceedings relating to cases other than winding-up, for which orders for allowing or otherwise of the proceedings are not reserved by the High Court shall be transferred to the Tribunal : Provided further that - (i) all proceedings under the Companies Act, 1956 other than the cases relating to winding-up of companies that are reserved for orders for allowing or ot....

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....er rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Act, exercising territorial jurisdiction and such petitions shall be treated as applications under sections 7, 8 or 9 of the Code, as the case may be, and dealt with in accordance with Part II of the Code: Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with Rule 7, required for admission of the petition under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal within sixty days from date of this notification, failing whi....