Even post admission of a winding up petition, and after the appointment of a Company Liquidator to take over the assets of a company sought to be wound up, discretion is vested in the Company Court to transfer such petition to the NCLT – Action Ispat And Power Pvt. Ltd. Vs. Shyam Metalics And Energy Ltd. – Supreme Court

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If any creditor is aggrieved by any decision of the official liquidator, he is entitled under the 1956 Act to challenge the same before the Company Court, Once he does that, he becomes a party to the proceeding, even by the plain language of the section – M/S Kaledonia Jute and Fibres Pvt. Ltd.  Vs. M/S Axis Nirman and Industries Ltd. & Ors. – Supreme Court

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