SICOM LTD. Vs. HANUNG TOYS & TEXTILES LTD.

JUDGEMENT

(1.) By this judgment I will dispose of all the applications filed by various parties/applicants for transfer of the present winding up petitions to National Company Law Tribunal (hereinafter referred to as the 'NCLT'). The details of the applications/ petitions are stated as follows:

(2.) The applicants essentially plead that in terms of the powers vested in this court under proviso to section 434(c) of the Companies Act, 2013, it is mandatory for this court to transfer these petitions to NCLT.

(3.) The Official Liquidator, some of the creditors of the respondent companies and the ex-management of the respondent company have opposed the transfer of these petitions before NCLT. They have objected saying that where the OL has been appointed as provisional liquidator or liquidator, such matters cannot be transferred to NCLT. However, where the OL has not been appointed as provisional liquidator or liquidator, it is stated that this court has discretion to transfer such matters to NCLT under the proviso to section 434(c) of the Companies Act, 2013.