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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ARIF S.DOCTOR
Sahjun Impex Trading Pvt Ltd. – Appellant
Versus
Patheja Forgings & Auto Parts Manufacturing Ltd. – Respondent
| Table of Content |
|---|
| 1. no irreversible stage; favor ibc transfer. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10) |
| 2. possession irreversible; prejudices workmen dues. (Para 11 , 12 , 13 , 14 , 15) |
| 3. unclean hands, assets sold, bifr winding-up. (Para 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27) |
| 4. ibc policy overrides; no corporate death. (Para 28 , 29 , 30 , 31 , 32 , 33 , 34) |
| 5. transfer absent corporate death conclusion. (Para 35) |
| 6. application allowed; transfer to nclt. (Para 36) |
JUDGMENT :
ARIF S. DOCTOR, J.
1. The Applicant has, by way of the present Company Application, sought the transfer of the captioned Company Petition to the National Company Law Tribunal (“NCLT”) Mumbai under the provisions of Section 434(1)(c) of the Companies Act, 2013 (“the Companies Act”).
Submissions on behalf of the Applicant:
2. Mr. Behramkamdin, Learned Senior Counsel appearing on behalf of the Applicant, at the outset submitted that the Applicant had acquired various debts of the Company in liquidation from the erstwhile financial creditors and now represented more than 50% of the total financial debt owed by the Company in liquidation. He thus submitted that the Applicant had the requisite locu
Transfer winding-up to NCLT under Companies Act s.434(1)(c) unless irresistible corporate death; secured creditor asset sales outside winding-up not bar; IBC resolution primacy over liquidation despi....
Transfer winding-up to NCLT unless 'corporate death' inevitable; sales by secured creditors outside proceedings or limited liquidator steps (asset possession, claims verification) do not bar transfer....
The main legal point established in the judgment is the obligation to transfer winding-up proceedings to the NCLT in the absence of irreversible or exceptional circumstances, as per the amended Secti....
The court applied the provisions of the Companies Act 1956 and the judgment in Action Ispat and Power Limited v. Shyam Metalics and Energy Limited, (2021) 2 SCC 641, to decide on impleadment, release....
The discretion to transfer winding up proceedings to NCLT under Section 434(1)(c) of the Companies Act must prioritize potential corporate revival, and no irreversible actions should have occurred.
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