Transfer and revival of insolvency proceedings allowed; adjudication under Section 7 directed and revival set aside under Section 434(1)(c)

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....The HC allowed the application to transfer and revive insolvency proceedings under the IBC, directing adjudication by the NCLT under Section 7 pursuant to the discretionary jurisdiction in Section 434(1)(c) of the 2013 Act. The Court found the winding-up petition had not reached an irreversible stage, the revival scheme sanctioned earlier had failed and was set aside, and numerous creditor claims and recurring preservation expenses threatened the common pool and creditor recoveries. In view of the multiplicity of creditors and public interest, the HC ordered continuation of proceedings as CIRP before the NCLT, enabling appointment of an interim resolution professional and prosecution of insolvency processes under the IBC.....