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Winding up proceedings under SICA will continue in HC until parties file an application for transfer to NCLT

December 12, 2018[2018] 100 272 (SC)/[2019] 151 SCL 196 (SC)

CL/IBC : Under scheme of section 434 (as amended) and rule 5 of 2016 Transfer Rules, all proceedings under section 20 of SICA pending before High Court are to continue as such until a party files an application before High Court for transfer of such proceedings post 17-8-2018

CL/IBC : Where financial creditor filed an application under section 7 which was an independent proceeding which had nothing to do with transfer of pending winding up proceedings before High Court, NCLT was absolutely correct in applying section 238 to admit such application

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