M/S Bhushan Limited vs M/S Telephone Cables Ltd
2024 Latest Caselaw 6593 P&H

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.

                    ****

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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