TaxTMI 
TaxTMI 
2023 (7) TMI 1492
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....t. Ltd. 3. Ld. counsel for the Official Liquidator (OL) has appeared and submits that the main counsel is in another Court. Let a copy of the application be served upon ld. Counsel for the OL. 4. A perusal of the record would show that the present winding up petition has been filed by Petitioner - M/s Ultratech Cement Limited against the Respondent in respect of dues which were to be paid by the Respondent. 5. This Court vide order dated 20th December, 2017 had admitted the present petition and the OL attached to this Court was appointed as the Provisional Liquidator in the present proceedings. However, subsequently, on an application moved by the Respondent vide order dated 20th April, 2018, the said order dated 20th December, 2017 was....
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....e at which the purchasers may take the property. List the matter on 30.05.2023." 8. Thus, the NCLT ordered the Petitioner to seek a clarification from this Court as to whether Resolution ought to be explored by it first or the company should straightaway be taken to liquidation. Hence the Petitioner has moved the present application. 9. The provision governing transfer of petitions from this Court to the NCLT is Section 434 of the Companies Act, 2013. The said provision 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 referr....
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...., for which orders for allowing or otherwise of the proceedings are not reserved by the High Courts shall be transferred to the Tribunal [Provided also that]- (i) all proceedings under the Companies Act, 1956 other than the cases relating to 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....
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....e Rules kept being amended, until finally Section 434 was itself substituted in 2018, in which a proviso was added by which even in winding up petitions where notice has been served and which are pending in the High Courts, any person could apply for transfer of such petitions to the NCLT under the Code, which would then have to be transferred by the High Court to the adjudicating authority and treated as an insolvency petition under the Code. This statutory scheme has been referred to, albeit in the context of Section 20 of the SICA, in our judgment which is contained in Jaipur Metals & Electricals Employees Organization Through General Secretary Mr. Tej Ram Meena vs. Jaipur Metals & Electricals Ltd. Through its Managing Director & Ors., b....