2022 (1) TMI 573

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tes For the Respondent(s) : Mr Mp Shah, Ms. Kruti M Shah ORAL ORDER 1.Heard learned advocate Ms. Rachna Pastore for Nanavati Associates for the petitioner and learned advocate Ms. Dhruti Pandya for learned advocate Ms. Kruti Shah for the respondent. 2.This petition is filed for winding up of the respondent-Company as it has failed to pay the debt of the petitioner under sections 433, 4....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h February, 2014 allowed such amendment. 4.It appears that thereafter, the matter has been adjourned from time to time at the request of the parties and matter has never been heard on merits and no further progress has been made in the matter. 5.Learned advocate for the petitioner submitted that sufficient efforts are made to resolve the disputes between the petitioner and the respondent-Com....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ourt in case of Action Ispat and Power Pvt Ltd. vs. Shyam Metalics and Energy Ltd.(supra), this petition is required to be transferred to the NCLT, Ahmedabad : "22. Given the aforesaid scheme of winding up under Chapter XX of the Companies Act, 2013, it is clear that several stages are contemplated, with the Tribunal retaining the power to control the proceedings in a winding up petition ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....en sell the company as a going concern. So long as no actual sales of the immovable or movable properties have taken place, nothing irreversible is done which would warrant a Company Court staying its hands on a transfer application made to it by a creditor or any party to the proceedings. It is only where the winding up proceedings have reached a stage where it would be irreversible, making it im....