The case involves a winding-up petition filed by TIDCI Limited against Neptune Inflatables Limited under Section 433(e) and (f) of the Companies Act, 1956, before the Hon'ble High Court of Madras. The High Court ordered the winding up of the company on 13.03.1998. Harikrishna, Proprietor of M/s. Classic Marketing, a creditor of Neptune Inflatables Limited, filed a Company Application No. 98 of 2021 seeking the transfer of proceedings to the National Company Law Tribunal (NCLT), Chennai, to initiate the Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. The High Court of Madras transferred the proceedings to the NCLT on 13.08.2021.
TIDCI Limited filed a winding-up petition against Neptune Inflatables Limited under the Companies Act, 1956, which led to a winding-up order by the High Court of Madras on 13.03.1998. Despite the order, the company's affairs remained unresolved. Harikrishna, a creditor, sought the transfer of the proceedings to NCLT to initiate CIRP under the IBC, 2016. The High Court transferred the proceedings on 13.08.2021. The NCLT then admitted the petition, initiated CIRP, appointed Mr. Mudappalur Varieth Gangadharan as IRP, and imposed a moratorium. The key fact is the transfer of a long-pending winding-up case to CIRP under the new insolvency regime.
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The Hon'ble High Court…
The Hon'ble High Court of Madras transferred…
The case involves a winding-up petition filed by TIDCI Limited against Neptune Inflatables Limited under Section 433(e) and (f) of the Companies Act, 1956, before the Hon'ble High Court of Madras. The High Court ordered the winding up of the company on 13.03.1998. Harikrishna, Proprietor of M/s. Classic Marketing, a creditor of Neptune Inflatables Limited, filed a Company Application No. 98 of 2021 seeking the transfer of proceedings to the National Company Law Tribunal (NCLT), Chennai, to initiate the Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. The High Court of Madras transferred the proceedings to the NCLT on 13.08.2021.
TIDCI Limited filed a winding-up petition against Neptune Inflatables Limited under the Companies Act, 1956, which led to a winding-up order by the High Court of Madras on 13.03.1998. Despite the order, the company's affairs remained unresolved. Harikrishna, a creditor, sought the transfer of the proceedings to NCLT to initiate CIRP under the IBC, 2016. The High Court transferred the proceedings on 13.08.2021. The NCLT then admitted the petition, initiated CIRP, appointed Mr. Mudappalur Varieth Gangadharan as IRP, and imposed a moratorium. The key fact is the transfer of a long-pending winding-up case to CIRP under the new insolvency regime.
The Hon'ble High Court…
The Hon'ble High Court of Madras transferred…