Punjab-Haryana High Court
M/S Bhushan Limited vs M/S Telephone Cables Ltd on 22 March, 2024
108
CA-7-2024 in
CP-272-2003
Stressed Assets Stabilization Fund (SASF)
Vs.
M/s Telephone Cables Ltd. (under liquidation)
Present: Ms. Radhika Suri, Sr. Advocate with
Mr. Sidhant Suri, Advocate,
for the applicant.
Mr. Arav Gupta, Advocate with
Ms. Deepmala Bagri, Assistant Official Liquidator.
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Perusal of the record shows that after filing of the winding up petition, this Court had passed the winding up order dated 24.07.2015. Thereafter, the Official Liquidator had taken the custody of the Company in liquidation and its properties. However, nothing further has happened in the case.
Learned Senior Counsel for the applicant has relied upon the judgment rendered by the Hon'ble Supreme Court in case of 'Action Ispat and Power Pvt. Ltd. Vs. Shyam Metalics and Energy Ltd., Civil Appeal No.4041 of 2020, decided on 15.12.2020, to submit that even after the passing of winding up order, unless something irreversible has happened, the petition could still be transferred to the National Company Law Tribunal (for short, 'NCLT'). It would be in the discretion of the Company Court to arrive at a decision on that point. It is further submitted that since nothing irreversible has happened in the matter; because none of the properties has been sold by the Official Liquidator so far, therefore, the present winding up petition alongwith all the applications can very well be transferred to the NCLT, Chandigarh, which is required to take this job as a specialized institution.
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CA-7-2024 in
CP-272-2003 /2/
As response to this, learned counsel appearing on behalf of the Official Liquidator, has not disputed the fact that no asset of the company has been sold by the Official Liquidator so far.
In view of the above, this Court finds that it would be in the fitness of the things, if the present winding up petition and all the applications, including CA-26-2023, are transferred to NCLT, Chandigarh.
Accordingly, it is ordered that entire record of the case be transferred to the NCLT, Chandigarh. However, it is ordered that the NCLT, Chandigarh shall proceed further in the matter from the same stage at which the matter had reached before this Court.
The NCLT, Chandigarh shall, accordingly, register the matter as it is received from the High Court, without requiring filing of any fresh or further pleadings.
22.03.2024 (RAJBIR SEHRAWAT)
parveen kumar JUDGE
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