The case involves appeals against a Delhi High Court judgment that upheld a Single Judge's order transferring a winding-up proceeding to the National Company Law Tribunal (NCLT). The winding-up petition was filed due to unpaid dues for goods supplied. Subsequently, State Bank of India (SBI), a secured creditor, filed an application seeking the transfer of the winding-up petition to NCLT, given that SBI had initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Company Judge transferred the petition, which was upheld by the Division Bench of the High Court. The appellant challenged this transfer, arguing that once a winding-up order is passed, only winding-up proceedings should continue, and parallel proceedings under the IBC are
…Action Ispat and Power Pvt. Ltd. (the appellant) faced a winding-up petition filed by Shyam Metalics and Energy Ltd. (the respondent) in the Delhi High Court due to unpaid dues of Rs. 4.55 crore for goods supplied. The Company Judge admitted the petition on 27.08.2018 and appointed an Official Liquidator (OL). State Bank of India (SBI), a secured creditor, then filed an application seeking the transfer of the winding-up petition to the NCLT under Section 7 of the Insolvency and Bankruptcy Code (IBC), as SBI had initiated insolvency proceedings against the appellant before the NCLT for outstanding dues of Rs. 722 crore. The Company Judge allowed the transfer on 14.01.2019, revoking the appointment of the OL. The ex-management of Action Ispat objected to the transfer,
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Shyam Metalics and Energy Limited filed a…
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The case involves appeals against a Delhi High Court judgment that upheld a Single Judge's order transferring a winding-up proceeding to the National Company Law Tribunal (NCLT). The winding-up petition was filed due to unpaid dues for goods supplied. Subsequently, State Bank of India (SBI), a secured creditor, filed an application seeking the transfer of the winding-up petition to NCLT, given that SBI had initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Company Judge transferred the petition, which was upheld by the Division Bench of the High Court. The appellant challenged this transfer, arguing that once a winding-up order is passed, only winding-up proceedings should continue, and parallel proceedings under the IBC are
…Action Ispat and Power Pvt. Ltd. (the appellant) faced a winding-up petition filed by Shyam Metalics and Energy Ltd. (the respondent) in the Delhi High Court due to unpaid dues of Rs. 4.55 crore for goods supplied. The Company Judge admitted the petition on 27.08.2018 and appointed an Official Liquidator (OL). State Bank of India (SBI), a secured creditor, then filed an application seeking the transfer of the winding-up petition to the NCLT under Section 7 of the Insolvency and Bankruptcy Code (IBC), as SBI had initiated insolvency proceedings against the appellant before the NCLT for outstanding dues of Rs. 722 crore. The Company Judge allowed the transfer on 14.01.2019, revoking the appointment of the OL. The ex-management of Action Ispat objected to the transfer,
…Shyam Metalics and Energy Limited filed a…
The Company Judge…