CAV JUDGMENT

(PER: HON'BLE MR. JUSTICE D K SINGH)

The appellant has preferred the present appeal being aggrieved by the order dated 02.04.2024 passed by the learned Company Judge on Company Application No.31/2024 in Company Petition No.42/2016 whereby, the application filed by the appellant under Section 434(1)(c) of the Companies Act, 2013 seeking transfer of the proceedings in Company Petition No.42/2016 pending before this Court for initiation of winding up proceedings against the appellant to the National Company Law Tribunal (for short 'the NCLT'), Bengaluru Bench for adjudication, has been rejected.

2. The respondent-Company Magnifico Minerals Pvt. Ltd. had filed a petition in the year 2016 under Sections 433 and 434 of the Companies Act, 1956 against the appellant-Company namely, Saravana Alloys Steels Private Limited seeking an order of winding up of the appellant-Company for alleged default of Rs.4,57,61,691.31/- including interest of Rs.83,36,154/- as on 14.12.2015 due and payable by the appellant - Company towards the purported supply of goods and materials by the respondent to the appellant - Company.

3. The respondent's argument on admission of the Company Petition was con