Important Point - In view of the respondent having been heavily indebted and in view of large number of creditors, including unsecured creditors the petitioner has made out a case not only for admission of this company petition but also for appointment of the Official Liquidator as a Provisional Liquidator.

By this petition filed under the provisions of section 433 (e) read with section 434(1)(a) and section 439 of the Companies Act, 1956, the petitioner seeks winding up of the respondent company on the ground that the respondent is unable to pay its debts.

2. This petition was placed on board for admission from time to time in last more than two years along with several other petitions for similar reliefs against the respondent. Learned counsel for the petitioner and the respondent however have addressed this court in this company petition and the same is thus considered by this court first.

3. Mr.Andhyarujina, learned counsel for the respondent has raised a preliminary objection about this court hearing this company petition along with other companion petitions at this stage on the ground that the winding up petition filed by ICICI Bank against the respondent is transferred to National Company Law Tribunal in view of the amendment to the provisions of Insolvency and Bankruptcy Code, 2016 (for short the said Code) and in view of the notification dated 7th December, 2016 issued by the Central Government in exercise of the powers conferred under sub-sections 1 and 2 of section 434 transferring various proceedings pending before the High Court to the National Company Law Tribunal. (For short “NCLT”)

4. Learned counsel for the respondent invited my attention to the definition of 'corporate debtor' under section 3(8), 'creditor' under section 3(10), 'debt' under section 3(11), 'insolvency professional agency' under section 3(20) and 'secured creditor' under section 3(30). He also placed reliance on the definition of 'adjudicating authority' under section 5(1) which means National Company Law Tribunal constituted under section 408 of the Companies Act, 2013. He placed reliance on sections 6, 7, 8, 9, 12, 14, 16, 17 to 24, 31 and 32 of the Code. It is submitted that under the said provisions, the insolvency resolution process has to be completed within the period of 180 days from the date of making an application to initiate such process and if the same is not completed within the period of 180 days, the NCLT is empowered to order extension by not more than 90 days and such extension cannot be granted more than once.

5. Learned counsel submits that under sections 13 and 14 of the Code, NCLT is empowered to declare a moratorium for prohibiting various acts including filing and taking of various action against the corporate debtor which order shall have effect from the date of such order till completion of the corporate insolvency resolution process. He submits that under section 16 of the Code the NCLT has to appoint interim resolution professional within 14 days from the date of insolvency commencement date. Under sections 17 to 20 various duties of the interim resolution professional qua corporate debtor are provided. He submits that interim resolution professional is thereafter bound to constitute the committee after collation of all claims received against the corporate debtor and determination of the financial position of the corporate debtor. He submits that under Section 22 the committee of creditors has to take various steps.

6. The said interim resolution professional has to conduct corporate resolution process under section 23. The members of the Committee of the creditors have to conduct meeting under section 24 of the Code. Under Section 30 of the Code, applicant is permitted to submit a resolution plan to the resolution professional prepared on the basis of the information memorandum. Chapter III provides for liquidation process. Section 31 provides for approval of resolution plan by the adjudicating authority i.e. NCLT. Section 32 provides for an appeal against the order of approving the resolution plan by NCLT.

7. Mr.Andhyarujina, learned counsel placed reliance on section 238 of the Code and submits that in view of non-obstante provision under section 238, the provisions of Insolvency and Bankruptcy Code, 2016 will