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IN THE HIGH COURT OF HIMACHAL PRADESH, SHIMLA
Mr. Justice Tarlok Singh Chauhan, Mr. Justice Sushil Kukreja, JJ
Elecon Engineering Company Limited – Appellant
Versus
Inox Wind Limited – Respondent
JUDGMENT :
Tarlok Singh Chauhan, J.
Aggrieved by the order dated 02.08.2024 passed by the learned Company Judge, whereby the company petition has been ordered to be transferred to the National Company Law Tribunal (for short ‘NCLT’), the appellant has filed the instant appeal.
2. The appellant filed the petition for winding up of the respondent-company on the ground that the respondent- company has failed and neglected to make the payment of the outstanding amount of Rs. 3,25,78,000/- (Rs.1,41,78,000/- towards supply of gear box materials i.e. H.G. Wind Gear Box and Rs. 1,84,00,000/- towards Refundable Security Deposit), which is due and payable by the respondent-Company to the petitioner-Company. It was averred that the respondent- company has lost its substratum and has become commercially insolvent and is unable to make payment of the amount due to the petitioner-company and it is just and equitable that the respondent-company is ordered to be wound-up under the provisions of the Companies Act.
3. During the pendency of the company-petition, the respondent moved an application under Section 434(1)(c) of the Companies Act (for short ‘Act’) for transferring the case to the NCLT at Cha
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.
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 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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