No prohibition for the transfer of the proceedings from Company Court to NCLT, even post the winding up order – Shyam B. Ghia Vs. Futura Polyesters Ltd. and Ors. – Bombay High Court
September 19, 2022
High Court held that while ordering transfer of the winding up proceedings to NCLT, there does not seem to be a prohibition for continuing the position as it obtains in the winding up proceedings before the Company Court as an interim measure, till the time NCLT passes an appropriate order under Section 13 of IBC. Lest the interest of the company and all the stake holders would be a casualty, especially in a case like the present one, where the instantaneous setting aside of the order of winding up and putting the ex-directors again at the helm of the affairs of the company is fraught with imminent risk.