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IN THE HIGH COURT OF DELHI AT NEW DELHI
AMIT MAHAJAN
Cowi India Pvt Ltd – Appellant
Versus
Pinnacle Air Pvt Ltd – Respondent
JUDGMENT :
AMIT MAHAJAN, J.
1. The present Company Petition No. 193/2016 has been filed under Sections 433(e)/434(1)(a)/439 of the Companies Act, 1956, (‘Companies Act’) seeking the winding up of the Respondent Company - Pinnacle Air Pvt. Ltd., on the grounds of its inability to pay its debts to the petitioner company - COWI India Pvt Ltd.
2. The matter has been pending adjudication before this Court, and the respondent has now sought a transfer of the matter to the National Company Law Tribunal (‘NCLT’), Delhi Bench.
3. In view of the same, by order dated 31.07.2024, this court called upon the petitioner to make submissions as to why the present matter should not be transferred to the NCLT.
4. The learned counsel for the petitioner opposes the transfer to the NCLT and places reliance on the judgment of the Calcutta High Court in Abhijeet Projects Ltd. v. Yogesh Khanna, 2023 SCC OnLine Cal 2357, where it was held that a petition cannot be transferred to the NCLT suo motu unless an application is formally made. He argues that since no such application is filed in this case, the matter should not be transferred.
5. The learned counsel for the respondent, on the other hand, submits that the
A winding-up petition can be transferred to the NCLT without a formal application if no irreversible steps have been taken in the liquidation process.
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.
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....
Winding-up proceedings must be transferred to the National Company Law Tribunal unless irreversible actions have occurred, emphasizing the urgency and procedural mandates of corporate insolvency law.
The main legal point established in the judgment is the compulsory transfer of winding up proceedings to the NCLT in accordance with the provisions of the Companies Act, 2013 and the decision of the ....
The main legal point established in the judgment is that winding up petitions at a nascent stage should be transferred to the National Company Law Tribunal (NCLT) in accordance with Section 434 of th....
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