Damodar Valley Corporation vs Akshaya Technologies Private Limited
2024 Latest Caselaw 5665 Jhar

Jharkhand High Court

Damodar Valley Corporation vs Akshaya Technologies Private Limited on 12 June, 2024

Author: Anubha Rawat Choudhary

Bench: Anubha Rawat Choudhary

                IN THE HIGH COURT OF JHARKHAND AT RANCHI

                            Company Petition No. 5 of 2003

            Damodar Valley Corporation                  ...    ...    Petitioner
                                   Versus
            Akshaya Technologies Private Limited
                                                ...         ...     Respondent
                                    With
                        Company Petition No. 9 of 2003
                                   ---

CORAM :HON'BLE MRS. JUSTICE ANUBHA RAWAT CHOUDHARY

---

            For the Petitioner     : Mrs. Debolina Sen Hirani, Advocate
                                     Ms. Kashyapi, Advocate
                                     [in C.P. No. 5 of 2003]
            For the Respondent     : None
                                   ---

21/12.06.2024         Learned counsel for the petitioner - Damodar Valley

Corporation submits that this matter has been listed after a long gap and the records reveal that a petition was filed by the respondent being I.A. No. 2285 of 2004 seeking recall of order dated 30 th September 2004 stating that there were all chances of amicable settlement between the parties. She has also submitted that in the said petition, it has been mentioned that a money suit as well as arbitral proceeding are also pending and at that point of time, the matter was pending before appellate authority constituted under Sick Industrial Companies (Special Provisions) Act, 1985 and the said Act has now been repealed.

2. The learned counsel for the petitioner prays for some time to ascertain as to whether anything survives in the present cases.

3. The records of the case indicate that the case was admitted on 30.09.2004 and the I.A. No. 2285 of 2004 seeking recall of order dated 30th September 2004 has remained pending before this Court and therefore, the order dated 30th September 2004 with regard to publication of notice has not been complied.

4. The petitioner may also examine the judgment dated 17th May 2024 passed by Hon'ble Delhi High Court in the case of "Arabian Oilfield Suppliers & Services Vs. Greka Drilling (India) Limited" in Co. Pet. 88 of 2016 and analogous cases wherein it has been

observed that when the winding up proceedings are pending before the High Court at nascent stage and has not progressed to an advanced stage, the cases ought to be transferred to the NCLT. Such observation has been made by referring to a judgment passed by the Hon'ble Supreme Court in the case of "Action Ispat and Power Private Limited Vs. Shyam Metalics and Energy Limited" reported in (2021) 2 SCC 641.

5. Post these cases on 19th June 2024.

(Anubha Rawat Choudhary, J.) Pankaj