2017 (7) TMI 1276

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h, Mumbai. By the first order dated 24th February, 2017, Learned Adjudicating Authority dismissed the petition preferred by the appellant and by the subsequent order dated 4th April, 2017, Learned Adjudicating Authority refused to recall the earlier order dismissing the appeal. 2. Respondent herein preferred an application under clause (e) of Section 433 of the Companies Act, 1956 before the Bombay High Court. Pursuant to Rule 5 of "The Companies (Transfer of Pending Proceedings) Rules, 2016" notified on 7th December, 2016 by the Central Government, the case was transferred from the Bombay High Court to Learned Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai. Rule 5 reads as follows: "5. Transfer of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the Act." 3. Learned Adjudicating Authority treated the petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') admitted the application and ordered moratoriam. 4. The Appellate Tribunal by its order passed today (21st July, 2017) in Company Appeal (AT) (Insolvency) No. 8 of 2017 - Rubina Chadha and Another Vs. AMR Infrastructure Ltd., doubted the validity of the Notification dated 7th December, 2016 issued by the Central Government and doubted the power of the Central Government to frame Rules under Section 239 of the I&B Code to transfer the cases under Section 433 of the Companies Act, 1956 while exercising its power conferred under sub-sections (1) and (2) of Section ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional, to the Tribunal upto 15th day of July, 2017, failing which the petition shall stand abated: Provided further that any party or parties to the petitions shall, after the 15th day of July, 2017, be eligible to file 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....