Company Faces Winding Up Over Unpaid Debts; Case Transferred to NCLT for Resolution Under Insolvency Laws.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Seeking winding up of the respondent company - failure to pay debt in the normal and ordinary course of its business - The High Court notes the respondent company's consistent default in rent payment and the legal actions initiated against them. However, the court observes that no Provisional Liquidator or Official Liquidator has been appointed in the present petition, rendering it a non-starter. Considering the enactment of the Insolvency and Bankruptcy Code, 2016, and the Companies Act, 2013, during the proceedings, the court deems it appropriate to transfer the case to the National Company Law Tribunal (NCLT) as per Section 434 of the Companies Act, 2013.....