2024 (6) TMI 632

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.... 31,78,615/- along with interest @ 18% per annum. 2. Briefly stated, the petitioner company is engaged in the business of manufacturing, marketing and sale of certain polyester products such as yarns, films and other allied products. It is stated on behalf of the petitioner company that the respondent company placed certain orders for the supply of the above-mentioned polyester goods. Further, it was agreed upon between the parties that the petitioner company was to supply the goods to an associate company of the respondent, namely M/s. SJS Packaging Inc. situated in Chicago, USA, and that the payment for such supplies would be made by the respondent company and its associate company - SJS Packaging Inc. 3. It appears that the respond....

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....tition was instituted. 6. It is borne out from the record that a Provisional Liquidator was appointed to the respondent company vide order dated 17.03.2010. However, subsequently, an application being CO.APPL. No. 621/2010 was moved seeking recall of the order dated 17.03.2010 and said application was allowed vide order dated 18.10.2010 and the order dated 17.03.2010, appointing a Provisional Liquidator, was thereby recalled. Thereafter, vide order dated 17.01.2012, the CO.APPL. bearing No. 1162/2008, seeking appointed of a Provisional Liquidator was revived, which has since been pending. 7. Evidently, the respondent company has failed to pay its debt in the normal and ordinary course of its business, hence, the present petition has b....

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....oard made before such date may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order: Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days; and (b) all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately before such date before any District Court or High Court, shall stand transferred to the Tri....

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....Limited v. Shyam Metalics and Energy Limited (2021) 2 SCC 641, wherein the aforesaid provision came up for interpretation and the relevant extract of which is reproduced hereunder: "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 even after it is admitted. Thus, in a winding up proceeding where the petition has not been served in terms of Rule 26 of the Companies (Court) Rules, 1959 at a preadmission stage, given the beneficial result of the application of the Code, such winding up proceeding is compulsorily transferable to the NCLT to be resolved under....