The Supreme Court on Thursday held that “any creditor of a company in liquidation” can become a party to the winding up petition against the defaulting firm and seek transfer of the plea from a high court to a National Company Law Tribunal (NCLT), set up under the new law on insolvency and bankruptcy.
A bench headed by Chief Justice S A Bobde and justices A S Bopanna and V Ramasubramanian was faced with two legal questions as to what are the circumstances under which a winding up proceeding pending in a High court could be transferred to the NCLT and at whose instance, such transfer could be ordered.
In a judgement, penned by Justice Ramasubramanian, it has been held that the winding up proceedings is a continuous legal process and under t…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/any-creditor-of-firm-in-liquidation-can-seek-transfer-of-winding-up-plea-from-hc-to-nclt-sc/articleshow/79307771.cms
