Rajeswara Rao Vittanala, Member - (1.) The Company Petition bearing CP No. 08 of 2017 (TP(HCW) No.78/HDB/2017) is initially filed by M/s. Samarth Lifters Pvt. Ltd. against Seahorse Maritime and Logistics Pvt. Ltd, U/s. 433(e) , 434 (1) (a) and 439 of the Companies Act, 1956, R/w Rule 95 of the Company (Court) Rules, 1959, before the Hon'ble High Court of AP & Telangana, by inter-alia seeking the following reliefs: a. Directing Seahorse Maritime and Logistics Pvt. Ltd be ordered to be wound-up under the provisions of the Companies Act, 1956, under the direction, supervision and control of this Hon'ble Court; b. Directing to appoint Official Liquidator as the Liquidator of the said Company i.e. Seahorse Martime and Logistics Pvt. Ltd, with necessary powers under the Companies Act, 1956; c. Directing that pending hearing and final disposal of the petition, the Official Liquidator, be appointed.as the Provisional Liquidator of the assets, properties and income as also the business of the said company etc.
(2.) Upon Constitution of this bench, the case is transferred to this bench by orders dated 14.09.2017. Accordingly the case is taken on record and listed for admission and hearing on 21.11.2017, 05.12.2017, 19.12.2017 and today.
(3.) Mr. Praveen Kumar Jain, learned counsel for the Petitioner submit since the matter was initially filed under provisions of Companies Act, 1956 and on transfer of this Bench, it is to be dealt with under provisions of IBC, 2016. The procedure under two acts are different, and thus instead of complying with various provisions of IBC, 2016, which would result further delay, the learned counsel submit that he may be permitted to withdraw the Company Petition with a liberty to file a fresh Company Petition under the provisions of IBC, 2016 for the same cause of action. Accordingly, he has filed memo dated 01.01.2018 by stating that he may be permitted to withdraw the same by relying on the judgment dated 4th December, 2017 in Company Appeal (AT) (Insolvency No. 210 of 2017 in T. Sreemanannarayana Vs. Magnifico Minerals Private Limited and other passed by the Hon'ble NCLAT, New Delhi).;