Corporate Insolvency: Apex Court Denies Transfer to NCLT After Irreversible Winding-Up Proceedings.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....HC has jurisdiction to transfer company petition to NCLT for CIRP under IBC 2016. However, winding-up proceedings reached irreversible stage with partial asset sales and third-party rights created. Transferring case to NCLT not feasible after substantial asset monetization. Application by SBI dismissed as irreversible situation created, not in interests of justice to transfer matter to NCLT.....