R.P. Nagrath, Member - (1.) Cp No.178/2016 was filed before the Hon'ble High Court of Punjab & Haryana under Section 433(e) of the Companies Act, 1956 with a prayer for winding up of the company for its inability to pay the outstanding debt. The matter was listed before the Hon'ble High Court on 03.10.2016 and notice was directed to be issued to the respondent for 13.02.2017 to show cause as to why this petition be not admitted.
(2.) The matter was received by transfer in this Tribunal in terms of Rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016 (for brevity, the 'Rules') . The Rules were notified on 07.12.2016 and came into force with effect from 15.12.2016, as per rule 1(2) of the Rules. Rule 5 has been amended vide notification dated 29.06.2017 and it reads as under: "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. Provided further that any party or parties to the petitions shall, after the 15th day of July, 2017, be eligible to file fresh applications under sections 7 or 8 or 9 of the code, as the case may be, in accordance with the provisions of the Code. Provided also that where a petition relating to winding up of a company is not transferred to the Tribunal under this rule and remains in the High Court and where there is another petition under clause (e) of section 433 of the Act for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to the Tribunal, even if the petition has not been served on the respondent."
(3.) When the matter was listed on 28.02.2017, learned counsel for petitioner sought time to file appropriate application along with affidavit and documents including tracking report of the post office relating to service to the respondent on the basis of notice which was issued by the Hon'ble High Court. The compliance affidavit having not been filed by the adjourned date i.e. 14.03.2017, the proceedings in the case were adjourned sine die, for enabling the creditor to file information in terms of Section 7, 9 or 10 of the I&B Code, 2016. The period of sixty days originally available in Rule 5 of the Rules for filing such an information was extended for a period of 6 months. Vide latest notification dated 29.06.2017 the period was further extended upto 15.07.2017. The matter was listed on 21.07.2017 and the required information having not been filed, it was ordered that the proceedings before the Tribunal stood abated.;