Iag Company Limited vs State Bank Of India
2022 Latest Caselaw 22 Cal/2

OD-28
                              ORDER SHEET
                    IN THE HIGH COURT AT CALCUTTA
                           Original Jurisdiction
                             ORIGINAL SIDE
                          [Via Video Conference]

                            IA NO: CA/10/2021
                               CP/202/2013

                         IN THE MATTER OF :
                       IAG COMPANY LIMITED
                                -AND-
                        STATE BANK OF INDIA
                              VERSUS
         THE OFFICIAL LIQUIDATOR, HIGH COURT AT CALCUTTA


 BEFORE:
 The Hon'ble JUSTICE RAVI KRISHAN KAPUR

Date : 5th January, 2022

Appearance:

Ms. Smita Das De, Adv.

...for the Official Liquidator

The Court: This is an application filed by a secured creditor namely, State

Bank of India praying for transfer of CP/202/2013 to the National Company

Law Tribunal under Section 434 of the Companies Act, 2013.

It is alleged on behalf of the secured creditor that notwithstanding the

order of winding up having been passed as far back as on 30 th January, 2019

directing winding up of the Company namely, IAG company Limited,(now in

liquidation) no effective steps whatsoever have been taken by the Official

Liquidator. In any event, in view of the judgment reported in 2021 (2) SCC

Online SC 641 (Action Ispat and Power Limited vs. Shyam Metalics and Energy

Limited), this Court has no jurisdiction to continue with this proceeding and

the same be transferred to the National Company Law Tribunal, Kolkata.

The Official Liquidator is represented and submits that the Official

Liquidator has incurred some expenses in respect of company in liquidation.

However, there are no legal submissions made by the Official Liquidator

insofar as the embargo in the Companies Act, 2013 is concerned.

Mr. Singh appears on behalf of one of the unsecured creditor namely,

Crescent Fiscal Services Limited and submits that his clients have also filed an

application for transfer of the proceeding before the National Company Law

Tribunal, Kolkata.

I have heard the parties.

In view of the judgment reported in 2021 (2) SCC Online SC 641 (Action

Ispat and Power Limited vs. Shyam Metalics and Energy Limited) and the

amendment to the provisions of the Companies Act, 1956, I am of the view that

this company petition ought to be transferred to the National Company Law

Tribunal, Kolkata. I am also of the view that in view of the change in law there

are no exceptional reasons as to why this proceeding should be kept pending

before this Court.

In view of the aforesaid, CP/202/2013 stands transferred to the National

Company Law Tribunal, Kolkata.

CA/10/2021 in CP/202/2013 also stands disposed of.

In view of the aforesaid, the applicant in CA/8/2021 submits that the

same has become infructuous and he does not wish to proceed with the same.

Accordingly, CA/8/2021 is also treated on the Day's List by consent of the

parties and stands disposed of.

The Department will treat CP/202/2013 as disposed of insofar as the

records of this Court are concerned.

(RAVI KRISHAN KAPUR, J.)

TO