The case involves an appeal against a High Court judgment regarding the transfer of winding-up proceedings to the National Company Law Tribunal (NCLT). The High Court had refused to transfer the winding-up proceedings and set aside an NCLT order that had admitted a financial creditor's petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The case has a complex history, including a reference to the Board for Industrial and Financial Reconstruction (BIFR) and subsequent winding-up proceedings initiated in the High Court. A Section 7 application was filed before the NCLT, which was admitted, leading to a stay by the High Court and the present appeal.
Jaipur Metals & Electricals Employees Organization, through its General Secretary Mr. Tej Ram Meena, filed an appeal challenging a judgment by the High Court of Judicature for Rajasthan dated 01.06.2018. The High Court had refused to transfer winding-up proceedings pending before it to the National Company Law Tribunal (NCLT) and had set aside an order dated 13.04.2018, by which the NCLT had admitted a financial creditor's petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The account of Jaipur Metals & Electricals Ltd. (Respondent No. 1) had become a non-performing asset on 30.09.1997, leading to a reference to the Board for Industrial and Financial Reconstruction (BIFR). On 26.09.2002, the BIFR opined that the company ought to be wound up,
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The account of Jaipur…
The BIFR was of the…
The case involves an appeal against a High Court judgment regarding the transfer of winding-up proceedings to the National Company Law Tribunal (NCLT). The High Court had refused to transfer the winding-up proceedings and set aside an NCLT order that had admitted a financial creditor's petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The case has a complex history, including a reference to the Board for Industrial and Financial Reconstruction (BIFR) and subsequent winding-up proceedings initiated in the High Court. A Section 7 application was filed before the NCLT, which was admitted, leading to a stay by the High Court and the present appeal.
Jaipur Metals & Electricals Employees Organization, through its General Secretary Mr. Tej Ram Meena, filed an appeal challenging a judgment by the High Court of Judicature for Rajasthan dated 01.06.2018. The High Court had refused to transfer winding-up proceedings pending before it to the National Company Law Tribunal (NCLT) and had set aside an order dated 13.04.2018, by which the NCLT had admitted a financial creditor's petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The account of Jaipur Metals & Electricals Ltd. (Respondent No. 1) had become a non-performing asset on 30.09.1997, leading to a reference to the Board for Industrial and Financial Reconstruction (BIFR). On 26.09.2002, the BIFR opined that the company ought to be wound up,
…The account of Jaipur…
The BIFR was of the…