Action Ispat and Power Pvt. Ltd. Vs Shyam Metalics and Energy Ltd.

Last updated: 22 December 2020

Court :
Supreme Court of India

Brief :
These appeals arise out of a judgment of the Division Bench of the Delhi High Court dated 10.10.2019 by which a Single Judge’s order dated 14.01.2019 transferring a winding up proceeding pending before the High Court to the National Company Law Tribunal [“NCLT”] was upheld. The brief facts necessary to appreciate the controversy involved in these appeals are as follows:

Citation :
CIVIL APPEAL NO. 4041 OF 2020

IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 4041 OF 2020
(ARISING OUT OF SLP (CIVIL) NO.26415 OF 2019)
ACTION ISPAT AND POWER PVT. LTD. …APPELLANT
VERSUS
SHYAM METALICS AND ENERGY LTD. …RESPONDENT
WITH
CIVIL APPEAL Nos. 4042-4043 OF 2020
(ARISING OUT OF SLP (CIVIL) NOS.2033-2034 OF 2020)

J U D G M E N T

R.F. Nariman, J.

1. Leave granted.

2. These appeals arise out of a judgment of the Division Bench of the Delhi High Court dated 10.10.2019 by which a Single Judge’s order dated 14.01.2019 transferring a winding up proceeding pending before the High Court to the National Company Law Tribunal [“NCLT”] was upheld. The brief facts necessary to appreciate the controversy involved in these appeals are as follows:

2.1. A winding up petition under sections 433(e) and (f), 434 and 439 of the Companies Act, 1956, being Co. Pet. No.731 of 2016 was filed by one Shyam Metalics and Energy Limited (Respondent No.1 herein), seeking winding up of the appellant company inasmuch as for goods supplied to the appellant company, a sum of Rs.4.55 crore was still due. The learned Company Judge in the Delhi High Court passed the following order in the aforesaid petition on 27.08.2018:

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