| Content Provider | Supreme Court of India |
|---|---|
| e-ISSN | 30484839 |
| Language | English |
| Access Restriction | NDLI |
| Subject Keyword | 2016 Insolvency and Bankruptcy Code |
| Content Type | Text |
| Resource Type | Law Judgement |
| Jurisdiction | India |
| Case Type | Appeal |
| Court | Supreme Court of India |
| Disposal Nature | Appeal Allowed |
| Headnote | Insolvency and Bankruptcy Code, 2016 – ss.7, 238 –Respondent No.1-company became a non-performing asset – Boardfor Industrial and Financial Reconstruction (BIFR) was of primafacie opinion that the company ought to be wound up and samewas forwarded to the High Court – High Court registered the caseas a Company Petition – Respondent No.3 acquired financial debtsof Respondent No.1 – After some time, respondent no.3 filedapplication u/s.7 of the Code before the National Company LawTribunal (NCLT) stating that it had an assigned debt owed to it bythe respondent No.1 – NCLT by order dated 13.04.2018 referred tothe non-obstante clause contained in s.238 of the Code and heldthat it was satisfied that the conditions of s.7 had been fulfilled andtherefore, admitted the application – High Court in company petitionand other connected matters refused to transfer the winding upproceedings pending before it, and set aside the NCLT order dated13.04.2018, stating that it had been passed without jurisdiction –Propriety of – Held: Though s.434 of the Companies Act, 2013,which relates to transfer of certain proceedings, was substituted bythe Eleventh Schedule of the Code, yet Section 434, as substituted,appears only in the Companies Act, 2013 and is part and parcel ofthat Act – This being so, if there is any inconsistency between s.434as substituted and the provisions of the Code, the latter must prevail– NCLT was absolutely correct in applying s.238 of the Code to anindependent proceeding instituted by a secured financial creditor,namely, respondent no.3 – High Court was not right in stating thatthe proceedings before the NCLT were without jurisdiction –Proceedings before NCLT to be continued from the stage at whichthey had been left off – On this score, therefore, the High Courtjudgment set aside – Furthermore, the company petition pending before the High Court cannot be proceeded with in view of s.238 ofthe Code – Thus, other connected matters that are pending beforethe High Court disposed of in light of the fact that proceedingsunder the Code, 2016 must run their entire course – CompaniesAct, 2013 – s.434 (as amended w.e.f 17.08.2018) – Sick IndustrialCompanies (Special Provisions) Act, 1985 – s.20 – Companies(Transfer of Pending Proceedings) Rules, 2016 – rr. 5(2) and 6. |
| Judge | Hon'ble Mr. Justice R.F. Nariman |
| Neutral Citation | 2018 INSC 1196 |
| Petitioner | Jaipur Metals & Electricals Employees Organisation Through General Secretary Mr. Tej Ram Meena |
| Respondent | Jaipur Metals & Electricals Ltd. Through Its Managing Director & Ors. |
| SCR | [2018] 14 S.C.R. 926 |
| Judgement Date | 2018-12-12 |
| Case Number | 12023 |
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