2020 (11) TMI 126

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....r the applicant has placed heavy reliance upon Forech India Ltd. Vs. Edelweiss Assets Reconstruction Co. Ltd., rendered in Civil Appeal No.818 of 2018 on 22/01/2019 by the Hon'ble Supreme Court of India, in support of the prayer for transfer of the proceedings. The very same case has been relied upon by the learned Counsel for the opponent-original petitioner to oppose this application. In Forech India Ltd., (supra), the Apex court had an occasion to consider various legal provisions including those under the Insolvency & Bankruptcy Code, 2016, Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016; Rules 26 and 27 of the Companies (Court) Rules, 1959, Amendment by Act of 2013 whereby Section 434 of the Companies Act, ....

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....rity and treated as an insolvency petition under the Code. This statutory scheme has been referred to, albeit in the context of Section 20 of the SICA, in our judgment which is contained in Jaipur Metals & Electricals Employees Organization Through General Secretary Mr. Tej Ram Meena vs. Jaipur Metals & Electricals Ltd. Through its Managing Director &Ors., being a judgment by a Division Bench of this Court dated 12.12.2018. 18. After referring to the statutory scheme, as aforesaid, this Court held: "17. However, this does not end the matter. It is clear that Respondent No. 3 has filed a Section 7 application under the Code on 11.01.2018, on which an order has been passed admitting such application by the NCLT on 13.04.2018....

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....the case, it is difficult to comprehend how the High Court could have held that the proceedings before the NCLT were without jurisdiction. On this score, therefore, the High Court judgment has to be set aside. The NCLT proceedings will now continue from the stage at which they have been left off. Obviously, the company petition pending before the High Court cannot be proceeded with further in view of Section 238 of the Code. The writ petitions that are pending before the High Court have also to be disposed of in light of the fact that proceedings under the Code must run their entire course. We, therefore, allow the appeal and set aside the High Court's judgment." Thus, it appears from the discussion (supra) that initially only those ....