JUDGMENT

Ravi Krishan Kapur, J. - This application has been filed by a secured creditor (Edelweiss Asset Reconstruction Company Ltd.) of Jessop & Company Ltd, the company (in liquidation) seeking transfer of CP No. 387 of 2014 alongwith all connected applications to the National Company Law Tribunal, Kolkatta Bench (NCLT). The application has been filed under the 5th proviso of the newly amended Section 434 (1) (c) of the Companies Act, 2013 (the Act). The section in its new avatar contemplates a party applying to the Court, to seek transfer of proceedings relating to winding-up of a company to the NCLT.

2. It is submitted on behalf of the applicant that by a Deed of Assignment dated 28th March, 2014, the applicant had become a secured creditor of the company (in liquidation). The current dues of the applicant are approximately Rs. 424 crores. The order of winding-up was passed on 6th March, 2017. Thereafter, one of the contributories of the company (in liquidation) had filed an application, inter alia, for framing a scheme of repayment. By an order dated 18th May, 2017, the contributory was permitted to take physical possession of the assets of the company (in liquidation) and the O