Proceedings for winding up pending before Company Court can be transferred to NCLT under IBC

Action Ispat & Power Pvt. Ltd Vs Shyam Metalics & Energy Limited & Ors. (Delhi High Court) Aforesaid being the position, merely because the learned Company Judge had ordered the winding up of the appellant company on 03.08.2004, it does not follow that the appellant company should necessarily be liquidated and dissolved. The other options available, namely to resolve/ revive the appellant company can and should always be explored for which purpose the NCLT is invested with jurisdiction, unless irrevocable steps towards liquidation have already been undertaken. We find no merit in t...