1. Respondent-applicant PSL Limited, who is respondent in the company petitions, has filed this application seeking the order dated 19th July 2017 in company application (lodging) no. 333 of 2017 be vacated/recalled. By this non-speaking order, the Learned Company Judge was pleased to stay the proceedings filed by respondent-applicant under Section 10 of Insolvency and Bankruptcy Code, 2016 (“IBC”) before National Company Law Tribunal (NCLT), Ahmedabad for insolvency resolution.

The issue which arises for consideration in the present application is whether the Company Court has any jurisdiction to stay the proceedings filed by a Corporate Debtor before NCLT even though a previously instituted company petition by a creditor may have been admitted (and therefore does not get transferred to NCLT) but where a provisional liquidator has not been appointed.

2. On 10th March 2015 company petition no.434 of 2015 was filed by petitioner Jotun India Private Limited against respondent-applicant (org. respondent) under Sections 433 and 434 of the Companies Act, 1956, claiming an