Supreme Court Dismisses Operational Creditor's Appeal to Continue Winding Up Petition in High Court Amidst Insolvency Proceedings Under IBC. Held that winding up petitions under Section 433(e) of Companies Act, 1956 where notice has been served under Rule 26 of Companies (Court) Rules, 1959 are not automatically transferred to NCLT and may continue in High Court, but such continuation does not bar initiation or continuation of independent insolvency proceedings under IBC by other creditors.
22 Jan 2019The appeal arose from an operational creditor's challenge to the continuation of insolvency proceedings under the Insolvency and Bankruptcy Code, 2016...
