TaxTMI 
TaxTMI 
2023 (11) TMI 317
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....6 EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED Versus SUKHMANI FINANCIAL ADVISORS PVT. LTD. And EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED Versus SHARAD ENTERPRISES PVT. LTD. , FIREPRO WIRELESS AND TECHNOLOGIES PVT. LTD. , IRON TRADERS PVT. LTD., CEDAR INFONET PVT. LTD. JUSTICE PRATHIBA M. SINGH For the Petitioner : None For the Respondent : None ORDER Prathiba M. Singh , J. ( Oral ) 1. This hearing has been done through hybrid mode. 2. None appears for either of the parties. 3. These petitions seek winding up of the Respondent Companies. The dispute relates to certain corporate guarantees dated 17th June, 2013 issued by the Respondents in lieu of credit facilities availed of by M/s. Tulip Telecom Ltd. The d....
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....as been enacted, and pending proceedings under Section 434 of the Companies Act, 1956 are to be transferred to the National Company Law Tribunal (NCLT). The said section reads as under: "434. Transfer of certain pending proceedings (1) On such date as may be notified by the Central Government in this behalf,- (a) all matters, proceedings or cases pending before the Board of Company Law Administration (herein in this section referred to as the Company Law Board) constituted under sub-section (1) of section 10E of the Companies Act, 1956 (1 of 1956), immediately before such date shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisi....
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....winding up of companies that are reserved for orders for allowing or otherwise such proceedings; or (ii) the proceedings relating to winding up of companies which have not been transferred from the High Courts; shall be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959.] Provided also that proceedings relating to cases of voluntary winding up of a company where notice of the resolution by advertisement has been given under sub-section (1) of section 485 of the Companies Act, 1956 but the Company has not been dissolved before the 1st April, 2017 shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 195....
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....nsferred 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 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 (....
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....eeding is compulsorily transferable to the NCLT to be resolved under the Code. Even post issue of notice and pre admission, the same result would ensue. However, post admission of a winding up petition and after the assets of the company sought to be wound up become in custodia legis and are taken over by the Company Liquidator, section 290 of the Companies Act, 2013 would indicate that the Company Liquidator may carry on the business of the company, so far as may be necessary, for the beneficial winding up of the company, and may even 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....