Winding Up Proceedings On Nascent Stage , To Be Transferred To NCLT: Delhi High Court
6 months, 3 weeks ago

Winding Up Proceedings On Nascent Stage , To Be Transferred To NCLT: Delhi High Court

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The Delhi High Court bench of Justice Dharmesh Sharma held that winding up proceedings pending before High Courts, which are at a nascent stage and have not progressed to an advanced stage, ought to be transferred to the NCLT. The bench held that: “It is but evident that the present company petition has not yet reached an advanced stage and no substantive orders have been passed towards the winding up of the respondent company.” Brief Facts: The Respondent Company is engaged in the business of providing drilling services for the oil and gas sector and is incorporated as a foreign company under the Companies Act, 1956. Observations by the High Court: The High Court noted that the petition was based on the Respondent Company's failure to pay outstanding dues amounting to US$ 723,193.03 with due interest. The High Court noted that the Respondent Company, having failed to pay its debts, fell under the purview of an unregistered company that could be wound up as per Section 583 of the Companies Act, 1956. However, given that the proceedings were still at a nascent stage with no substantive orders passed towards the actual winding up of the respondent company, the High Court considered the legislative changes brought by the Insolvency and Bankruptcy Code, 2016, and the Companies Act, 2013.

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