SHYAM B. GHIA Vs. FUTURA POLYESTERS LTD.

JUDGEMENT

(1.) The Applicant who is a former Managing Director of Futura Polyesters Limited, a company in liquidation - Respondent No.1, has preferred this Application under the provisions of Sec. 434 of the Companies Act, 2013 (the Act, 2013) for transfer of the Company Petition to the National Company Law Tribunal (NCLT) for being heard and decided in accordance with the provisions contained in Insolvency and Bankruptcy Code, 2016 (IBC), purportedly with a view to explore the revival of Respondent No.1 Company.

(2.) The background facts leading to this Application can be stated as under : 2.1 Futura Polyester Ltd. (Futura) - Respondent No.1 was incorporated under the provisions of Companies Act, 1956 (the Act, 1956). Futura was engaged in the business of manufacture of specialty fine chemicals and polyesters. Daewoo International Corporation Ltd. (Daewoo) - Respondent No.2 is a company incorporated under the law of South Korea. Daewoo is engaged in the business of supply of purified Terephthalic Acid. Korea Trade Insurance Corporation (KTIC) - Respondent No.3, is an insurance Company.

(3.) In the backdrop of the aforesaid developments, the Applicant has taken out this Application seeking transfer of the Company Petition to NCLT with the assertion that though the Official Liquidator has taken certain steps, like, taking over symbolic possession of the office of Futura on 14 th October, 2020, followed by physical possession on 20/11/2020, taking over the records of Futura, initiating action for disclosure against the ex-directors, and lodged a complaint against the ex-directors with CBI, resulting in registration of FIR, none of the aforesaid steps tantamount to irreversible action in winding up.