# In the matter of Omkara Assets Reconstruction vs. ICICI Bank Limited & Ors.

> HC judgment dated 2024-05-03. Citation: TCN-2024-HC-00094. This is an Interim Application seeking the transfer of Company Petition No. 317 of 2012 from the…

- **Court:** HC
- **Order date:** 3 May 2024
- **Citation:** TCN-2024-HC-00094
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/omkara-assets-reconstruction-vs-icici-bank-limited-ors-e704d0f5

## Summary

### Background

This is an Interim Application seeking the transfer of Company Petition No. 317 of 2012 from the High Court of Bombay to the National Company Law Tribunal (NCLT), Mumbai. The petition relates to Omkara Assets Reconstruction as the applicant, ICICI Bank Limited as the petitioner, and Classic Diamonds (India) Limited as the respondent. The Official Liquidator was directed to file a response, which was submitted on September 12, 2023, indicating that statutory notices had been issued to concerned authorities and ex-directors of the company in liquidation. The Official Liquidator had also fixed meetings with ex-directors for personal interviews and discussions regarding the company's properties and assets.

## Facts

The High Court of Bombay is considering an Interim Application to transfer Company Petition No. 317 of 2012 to the NCLT, Mumbai. The case involves Omkara Assets Reconstruction (Applicant), ICICI Bank Limited (Petitioner), and Classic Diamonds (India) Limited (Respondent). The Official Liquidator was directed to file a response, stating that statutory notices were issued to authorities and ex-directors. A meeting was scheduled with ex-directors to discuss the company's properties. The Official Liquidator took possession of the registered office and handed it over to Edelweiss Asset Reconstruction Company Limited. The Official Liquidator has not invited claims from creditors or workers. The petitioner has no objection to the transfer. The court is considering the

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## Issues and analysis

### Issue 1: Whether the High Court has the power to transfer a winding-up petition to the NCLT under Section …

**Ratio:** The power to transfer a winding-up petition to the NCLT under Section 434 of the

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**Reasoning:** The court relies on the Supreme Court's interpretation of Section 434, which allows for

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**Interpretation:** Section 434(1)(c) of the Companies Act, 2013, provides a mechanism for

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**Application:** In this case, the court finds that no irreversible stage has been reached in

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## Parties

- **Judges:** Abhay A…
- **Appellants:** Omkara Assets…
- **Respondents:** Classic Diamonds…
- **Other parties:** Kohi…

## Timeline

- **2012-01-01 — Company Petiti…**: Company Petition No.…
- **2017-09-28 — Order of Ad…**: Order of admission was passed,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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