R P Nagrath, Member - (1.) This petition was filed before the Hon'ble Punjab and Haryana High Court under Section 433 (e) , 434 and 439 of the Companies Act, 1956 for winding up of the respondent company on account of its inability to pay the debt. On coming into force of the Companies (Transfer of Pending Proceedings) Rules, 2016, the file was transferred to this Tribunal.
(2.) When the matter was listed for 27.07.2017, learned counsel for the petitioner submitted that from the status of the case obtained from website portal of the Punjab and Haryana High Court, there seems to be some confusion with regard to the status relating to this petition No.54/2015 and other CP No.54/2014. In order to get the same clarified, learned counsel for the petitioner sought time to have the instructions. Thereafter it was contended that miscellaneous application was filed before the Hon'ble High Court, which was still to be listed. Learned counsel for the petitioner submits that the matter is still pending in the Hon'ble High Court. So many adjournments have been granted, but there is no ground for further adjournment as by virtue of Rule 5 of Companies (Transfer of Pending Proceedings) Rules, 2016, in case the information is not filed by the creditor in terms of rules 7, 8 or 9 of the Insolvency and Bankruptcy Code, 2016 upto 15.07.2017, the proceedings before the Tribunal shall stand abated, but the petitioner can have the other appropriate remedy despite that.
(3.) Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016 substituted vide notification dated 29.06.2017, reads as under:- "5. Transfer of pending proceedings of Winding up on the ground of inability to pay debts.- (1) All the petitions relating to winding up of a company under clause (e) of Section 433 of the Act on the ground of inability to pay its debts pending before a High court, and, where the petition has not been served on the respondent under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of Section 419 of the Companies Act, 2013 exercising territorial jurisdiction to be dealt with in accordance with Part II of the Code: Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with rule 7, required for admission of the petition under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal upto 15th day of July, 2017, failing which the petition shall stand abated.";