2021 (7) TMI 785

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his Court on 11th January, 2019 in relation to sale of the properties of the company (in liquidation). Learned Counsel appearing for the applicants submits that despite several orders passed by the company Court and at least four advertisements pertaining to Lot No.4 of the land in question, no person or entity has expressed any interest in purchasing the said Lot No.4. Counsel places the order of winding up dated 17th June, 2013 and the sale notices published on several dates thereafter including on 24th March, 2017 and 25th April, 2017. Orders passed on 11th January, 2019 resulted in sale notices being published for the concerned plot again on 24th January, 2019. A subsequent order dated 14th June, 2019 specifically records that Lot No.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ns jurisdiction over matters of this nature after Action Ispat and Power Private Limited Vs. Shyam Metalics and Energy Limited: (2021) 2 SCC 641 and A. Navinchandra Steels Private Limited Vs. SREI Equipment Finance Limited and Others: 2021 SCC OnLine SC 149. In Action Ispat, the question before a 3-Judge Bench of the Supreme Court was whether the Courts continued to exercise jurisdiction in winding up proceedings after applications for transfer of such proceedings to the National Company Law Tribunal(NCLT) were made by creditors of the company (in liquidation). In Action Ispat, the winding up proceedings had been admitted by the High Court and then transferred to the NCLT for being tried under the provisions of The Insolvency and Bankruptc....