AXIS BANK LIMITED Vs. HI-TECH ABRASIVES LTD

JUDGEMENT

(1.) This is a company petition filed by petitioner Axis Bank Limited under Section 433 of the Companies Act, 1956 in which notice was issued to the respondent borrower on 12-9-2014 at pre-admission stage, thereafter, reply affidavit has been filed, but the matter has not been proceeded further. Now, an application under Section 434 of the Companies Act, 2013 as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 for transfer of winding-up proceedings has been filed before this Court in which reply has been filed opposing the said application.

(2.) I have heard learned counsel for the parties on the said application.

(3.) By the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, following provision has been inserted in sub-section (1) of Section 434 of the Companies Act, 2013, in clause (c), after the proviso: -