ORDER :

1. Respondent, Mr. A. Ramasubbu, filed a petition under Sections 397, 398, 433, 439 and 450 of the Companies Act, 1956 before the erstwhile Company Law Board (hereinafter referred to as ‘CLB’) with the following prayers :

“IX. FINAL RELIEF :

a. The 1st respondent’s ANRA Pharmaceuticals Pvt. Limited, order to be wound up by appoint(ing) of Receiver/Official Liquidator to take over Management with all assets

b. direct the official liquidator to bring the public auction of the company properties and

c. pay the petitioner share of property and R. Andandhakrishnan’s share of the property to the petitioner.

d. To declare the 05.01.2007 sale deed in Document No. 96/2007 and 97/2007 and mortgage deed in Document No. 286 of 2009 are null and void.

e. Any other relief deem fit and proper in the circumstances of the case.

X. Particulars of Bank Draft Evidence payment of Fee for the Petition Made.

i. Bank of which drawn : State Bank of India

ii. Name of the issuing branch : Palanganatham, Madurai

iii. Date : 03.03.2016

iv. Amount : Rs. 7500/-

v. Demand Draft No. 782982.

Dated at Madurai on this day of March, 2016.”

2. In exercise of powers conferred under Clause (a) of sub-Section (1) of Section 434 of the Companies Act, 2013, the petition pending before the CLB was transferred to the National Company Law Tribunal (hereinafter referred to as ‘Tribunal’) for adjudication. After transfer of the case, the appellant-respondent objected to the maintainability of the petition under Sections 433, 439 and 450 of the Companies Act, 1956 on the ground that the CLB had no jurisdiction to entertain such petition. However, the Tribunal by impugned order dated 20th June, 2017 passed in T.C.P. No. 206 of 2016 (C.P. No. 19 of 2015), rejected the objection raised by the respondent (appellant herein) and held that the learned Adjudicating Authority is competent to try the company petition treating the petition under Section 9 of the Insolvency and Bankruptcy Code. 2016 (hereinafter referred to as ‘I&B Code’). The said order is under challenge in this appeal.

3. Learned counsel for the appellant/respondent submits that the petition under Sections 433, 439 and 450 of the Companies Act, 1956 was not maintainable before the Tribunal. Therefore, the question of initiation of winding up proceedings in terms with the I&B Code does not arise.

4. On the other hand, according to learned counsel for the respondent/petitioner after transfer of the case, the Adjudicating Authority (Tribunal) has jurisdiction to initiate insolvency resolution process against the appellant.

5. To decide the issue, it is desirable to refer to the rules framed by the Central Government in terms with the provisions of Section 434 of the Companies Act, 2013 and Section 239 of the I&B Code.

6. Clause (a) of sub-Section (1) of Section 434 of the Companies Act, 2013 while deals with the transfer of cases pending before the Company Law Board to the Tribunal, Clause (c) of sub-Section (1) of Section 434 relates to transfer of cases from the Hon’ble High Courts to Tribunal, as apparent from the provisions and quoted below :

“Sec. 434. Transfer of certain pending proceedings.— (1) On such date as may be notified by the Central Government in this behalf,—

(a) all matters, proceedings or cases pending before the Board of Company Law Administration (herein in this section referred to as the Company Law Board) constituted under sub-section (1) of section 10E of the Companies Act, 1956 (1 of 1956), immediately before such date shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisions of this Act;

(b) any person aggrieved by any decision or order of the Company Law Board made before such date may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order:

Provided that the High Court may if it is satisfied th