IMPEX FERRO TECH LIMITED Vs. AUROMA COKE LTD.

JUDGEMENT

(1.) These two appeals are directed against orders dated August 9, 2018 and August 10, 2018 passed by the company Court here. The first order declined the company's prayer to transfer the creditor's winding-up proceedings to the adjudicating authority set up under the Insolvency and Bankruptcy Code, 2016. The second order admitted the creditor's petition by disregarding the defence sought to be set up by the company.

(2.) The appellant company has placed the relevant surviving provisions from the Companies Act, 1956, the relevant provisions of the Companies Act, 2013 which have been given effect to and some of the provisions of the IBC that have been gazetted and notified. The appellant has also relied on new definitions and new concepts that have opened up upon the Companies Act, 2013 and the Bankruptcy Code operating in tandem. There are now financial creditors who are distinct from operational creditors. There are interim resolution professionals who lose the interim tag once their appointments are ratified. There is also a body - another of the many tribunals set up to emasculate the Courts - which started off as the National Company Law Tribunal, but is referred to as the "Adjudicating Authority" under the IBC.

(3.) The appellant has also referred to the several amendments to the Companies Act, 2013 since it was partially first given effect to and notifications galore issued, sometimes on a monthly basis by the Central Government, to alter, amend or modify the provisions of the 2013 Act and the rules thereunder. There is at least one amendment to the Act of 2013 introduced by the Central Government in exercise of the authority delegated to it by the statute for the purpose of removing difficulties.