C O M M O N O R D E R

All these applications arise out a petition filed by Analog Financial Services Private Limited(Analog) under Section 391 of the Companies Act, 1956 (CA 1956) seeking sanction of a scheme of compromise between M/s.Viswapriya (India) Limited (Viswapriya or the Company) and its creditors. In Comp. A. No.413 of 2019, Analog seeks the transfer of Comp.A.No.367 of 2019, which was filed to recall the order sanctioning the scheme of compromise and to consequently wind-up the sponsor, Analog. In Comp. A. No.414 of 2019, Analog seeks the transfer of Comp.A.No.366 of 2019, which was also filed to recall the order sanctioning the scheme of compromise and to consequently wind-up Vishwapriya. In Comp.A.No.313 of 2021, Viswapriya seeks the dismissal of Comp.A.No.56 of 2021, which was filed to direct sale of specific assets of Vishwapriya.

2. By order dated 30.04.2014, this Court sanctioned the scheme of compromise (the Scheme) proposed by Analog. In terms thereof, the secured debenture holders were directed to be paid their dues within the time limits specified in the Scheme in alteration of the original terms of repayment under the relevant debenture. The admitted position is that the Scheme was not adhered to either by the proponent of the scheme, Analog, or the Company, Viswapriya. Therefore, by subsequent proceedings under Section 392 of CA 1956, this Court appointed Mr.P.H.Arvindh Pandian, learned Senior Advocate, as the Administrator of Viswapriya. Thereafter, the learned Administrator submitted about five reports to this Court. In addition, depositors/debenture holders lodged complaints with the police. Pursuant thereto, a case was registered by the Economic Offences Wing - II in Crime No.5 of 2013 under Sections 402,420,120-B,468,471,409 IPC read with Section 109 IPC and Section 5 of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act,1997( the TNPID Act). The accused in such proceedings, in order, were Viswapriya(A1), Akshaya Boomi Investment Private Limited(A2), Quatrangle Trading Services Limited(A3), Mr.Subramanian(A4), Mr.Narayanan(A5), Mr.Rajarathinam(A6) and Mr.T.S.Raghavan(A7). Subsequently, Mr.Subramanian was arrested on 19.09.2015, and several persons were added as accused in course of investigation. Upon completion of investigation, a charge sheet was filed before the TNPID Court, Chennai on 17.07.2019 and the same was taken on file in C.C.No.6 of 2020 dated 16.10.2020. Orders were obtained from the Government in relation to the attachment of movable and immovable properties. A petition to quash the proceedings is pending at the instance of the 15th and 17th accused in the proceedings. A status report dated 26.10.2021 has been filed by the Deputy Superintendent of Police, Economic Offences Wing -II, Guindy, Chennai - 32 in such regard.

3. Several applications were filed by debenture holders of the Company seeking relief such as the summoning of Mr.Subramanian so as to arrest and hold him in custody; to call for an investigation report from the Special Frauds Investigation Office(SFIO); to direct further investigation by the SFIO; to recall the orders sanctioning the scheme of arrangement; to clarify earlier orders passed under Section 391(6) of CA 1956. More recently, Comp.A.No.56 of 2021 was filed by a debenture holder seeking the sale of the movable and immovable properties set out in the Schedules thereto. As stated earlier, Vishwapriya and Mr.Subramanian seek dismissal of the said application on the ground that applications relating to the Scheme cannot be filed before this Court because this Court does not have jurisdiction over the same. Analog filed Comp.A.Nos.413 and 414 of 2019 seeking transfer of specific applications to the National Company Law Tribunal, Chennai (the NCLT) in view of the recent amendments to the Companies Act, 2013 (CA 2013). The said three applications are considered and disposed of by this order.

4. Mr.Prakash Goklaney, learned counsel for