{"id":260276,"date":"2022-01-18T18:00:56","date_gmt":"2022-01-18T12:30:56","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260276"},"modified":"2022-01-21T09:41:25","modified_gmt":"2022-01-21T04:11:25","slug":"explained-does-failure-to-publish-an-advertisement-lead-to-the-automatic-dismissal-winding-up-petition","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/18\/explained-does-failure-to-publish-an-advertisement-lead-to-the-automatic-dismissal-winding-up-petition\/","title":{"rendered":"Explained| Does failure to publish an advertisement lead to the automatic dismissal winding up petition?\u00a0"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Supreme Court<\/strong>: In the case where the bench of Hemant Gupta and <strong>V. Ramasubramanian*<\/strong>, JJ upheld NCLAT\u2019s order of winding up of Devas Multimedia Private Limited, the requirement of advertising the winding up petition was looked into and the Court observed that the failure to publish an advertisement would not lead to the automatic dismissal of the petition for winding up.<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong>Analysis <\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\">The Court analysed Rule 5 of the\u00a0 the Companies (Transfer of Pending Proceedings) Rules, 2016 which prescribes the procedure to be followed by the Tribunal, upon the filing of a petition for winding up.<\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong><em>What does Rule 5 state?<\/em><\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">The step-by-step procedure prescribed in Rule 5 is as follows:-<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(1) The petition should first be posted before the Tribunal for admission.<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(2) The purpose of posting the petition for admission is threefold, namely,<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(i)\u00a0 fixing a date for hearing of the petition;<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(ii) issuing appropriate directions as to the advertisement to be published; and<\/p>\n<p style=\"text-align: justify; padding-left: 80px;\">(iii) indicating the persons upon whom the copies of the petition are to be served.<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(3)\u00a0 On the date when the petition is posted for admission, <strong>the Tribunal may direct notice to be given\u00a0\u00a0 to\u00a0\u00a0 the company and also provide an opportunity of being heard before giving directions as to the advertisement of the petition.<\/strong><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong><em>What is the purpose of advertisement? <\/em><\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">The Court noticed that <strong>the essence of Rule 5 is to provide an opportunity of being heard to the company sought to be wound up, even before directions as to the advertisement of the petition are given<\/strong>.<\/p>\n<p style=\"text-align: justify;\"><strong>Two purposes: <\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>it provides an opportunity to all the stakeholders such as (i)creditors; (ii)workers; (iii) suppliers; (iv) customers; and (v) the general public, either to support or oppose the proceedings for winding up.<\/li>\n<li>it serves as a warning\/notice or red alert to all those dealing with the company so that they know that there could be an element of risk in dealing with the company.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Explaining why an opportunity of being heard is contemplated in Rule 5, before ordering the advertisement of the petition, the Court said,<\/p>\n<p style=\"text-align: justify;\">\u201cAfter all, the winding up of a company is like the insolvency of an individual. The advertisement of the petition for winding up, not merely serves as an opportunity to support or oppose winding up, but also harms the reputation of the company and sends shock waves in the stock market, if it is a listed company or among the stakeholders who have dealings with the company.\u201d<\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong><em>What happens in case of failure to publish an advertisement? <\/em><\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\">The Court went through a number of authorities where the Court took a view that advertisement is mandatory, not only in view of the prescription contained in the Rules, but also in view of the specific order passed by the Company Court at the time of admission, directing the publication of the advertisement in specified newspapers. The Court, however, observed that even in such cases the failure to publish an advertisement was not seen as something that would lead to the automatic dismissal of the petition for winding up.<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cThis is for the reason that the advertisement of a petition for winding up is perceived to be something that worked at cross purposes, sometimes beneficial to several stakeholders as it provides an opportunity of hearing to them and sometimes as a measure of harassment of the company. There are cases where the companies themselves have opposed the advertisement of the petition on the ground that the same would harm their reputation and cripple their commercial activities. There are also cases where the failure to advertise has led to some of the creditors not having any notice of the proceedings and thereby suffering prejudice.\u201d<\/p>\n<\/blockquote>\n<h3 style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong>Was non-publishing of advertisement detrimental to the case at hand? <\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\">In the case at hand it was alleged that the petition for winding up of Devas was never advertised nor even ordered to be advertised, either upon the admission of the petition or anytime thereafter. It was therefore contended that the failure to comply with this requirement which is mandatory, vitiates the whole proceedings.<\/p>\n<p style=\"text-align: justify;\">To know what the case was about, read <a href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/18\/cant-allow-devas-and-its-shareholders-to-reap-the-benefits-of-their-fraudulent-action-sc-upholds-nclats-order-to-wind-up-devas\/\">this<\/a>.<\/p>\n<p style=\"text-align: justify;\">In the present case, there were no stakeholders who were prejudiced by the failure of NCLT to order the publication of advertisement of the petition.<\/p>\n<p style=\"text-align: justify;\">Also, this was not a case where the company is sought to be wound up on the ground of inability to pay debts or on just and equitable ground. This was a case of fraud and all stakeholders were fully aware of the proceedings and they had even shown extreme urgency in enforcing an ICC Arbitration award and BIT awards, before the conclusion of the winding up proceedings.<\/p>\n<p style=\"text-align: justify;\">Therefore, the Court rejected the argument that the failure of the Tribunal to order the publication of an advertisement rendered the entire proceedings unlawful.<\/p>\n<p style=\"text-align: justify;\">[DEVAS Multimedia Pvt. Ltd.v. Antrix Corporation Ltd., <a href=\"http:\/\/www.scconline.com\/DocumentLink\/cllp6Tg4\"><b>2022 SCC OnLine SC 46<\/b><\/a>, decided on 17.01.2022]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>*Judgment by: Justice V. Ramasybramanian<\/strong><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Counsels<\/strong><\/p>\n<p style=\"text-align: justify;\">For DEVAS: Senior Advocate Mukul Rohtagi,<\/p>\n<p style=\"text-align: justify;\">For shareholder\u00acappellant: Senior Advocate Arvind P. Datar,<\/p>\n<p style=\"text-align: justify;\">For Antrix: Additional Solicitor General N. Venkataraman<\/p>\n<p style=\"text-align: justify;\">For UPI: Additional Solicitor General Balbir Singh<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court: In the case where the bench of Hemant Gupta and V. Ramasubramanian*, JJ upheld NCLAT\u2019s order of winding up of <\/p>\n","protected":false},"author":121,"featured_media":260277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[2888,48387,3226,2673,17231,48388,10141,43086,2695,46341],"class_list":["post-260276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-advertisement","tag-antrix","tag-arbitration","tag-corruption","tag-criminal-conspiracy","tag-devas","tag-fraud","tag-government-officials","tag-ISRO","tag-space"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Explained| Does failure to publish an advertisement lead to the automatic dismissal winding up petition?\u00a0 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/18\/explained-does-failure-to-publish-an-advertisement-lead-to-the-automatic-dismissal-winding-up-petition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Explained| Does failure to publish an advertisement lead to the automatic dismissal winding up petition?\u00a0\" \/>\n<meta property=\"og:description\" content=\"Supreme Court: In the case where the bench of Hemant Gupta and V. 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Meghalaya HC explains","author":"Bhumika Indulia","date":"March 9, 2022","format":false,"excerpt":"Meghalaya High Court: Sanjib Banerjee, CJ, addressed a petition wherein a creditor\u2019s winding-up petition was instituted under Section 433 of the Companies Act, 1956 and the same was not yet advertised. Section 433 of the Companies Act, 1956 Circumstances in which company may be wound up by Court. A company\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95241,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/31\/pending-winding-up-petitions-of-companies-which-have-not-been-served-before-high-court-shall-stand-transferred-to-national-company-law-tribunal\/","url_meta":{"origin":260276,"position":2},"title":"Pending winding up petitions of companies which have not been served before High Court shall stand transferred to National Company Law Tribunal","author":"Saba","date":"December 31, 2016","format":false,"excerpt":"Bombay High Court: In a case dealing with petitions pending admission before the High Court filed under the Companies Act, 1956 where winding up of a company was sought, the Single Bench of S.C. Gupte, J held that every winding up petition under clause (e) of Section 433 which is\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":246383,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/01\/application-under-s-7-or-s-9-ibc-is-an-independent-proceeding-unaffected-by-winding-up-proceedings-that-may-be-filed-qua-the-same-company-supreme-court\/","url_meta":{"origin":260276,"position":3},"title":"Application under S. 7 or S. 9 IBC is an independent proceeding unaffected by winding up proceedings that may be filed qua the same company; Supreme Court  \u00a0","author":"Editor","date":"April 1, 2021","format":false,"excerpt":"Supreme Court: The Division Bench of Rohinton Fali Nariman* and B.R. Gavai, JJ., addressed the instant appeal involving the question that whether an insolvency proceedings could be initiated after the winding up application had been admitted under the Companies Act. The Bench stated, \u201c\u2026every effort should be made to resuscitate\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281929,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/19\/2023-scc-vol-1-part-2\/","url_meta":{"origin":260276,"position":4},"title":"2023 SCC Vol. 1 Part 2","author":"Editor","date":"January 19, 2023","format":false,"excerpt":"Central Goods and Services Tax Act, 2017 \u2014 S. 174(2)(c) \u2014 Scope of: First part protects any right, privilege, obligation, etc. under the amended Act or repealed Acts. Proviso thereto provides that any tax exemption granted as an incentive against investment shall not continue as a privilege if the said\u2026","rel":"","context":"In &quot;Cases Reported&quot;","block_context":{"text":"Cases Reported","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casesreported\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/MicrosoftTeams-image-129.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":287420,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/21\/antrix-devas-deal-delhi-high-court-upholds-decision-setting-aside-icc-award-of-562-5-million-on-the-ground-of-fraud-legal-research-updaes-news\/","url_meta":{"origin":260276,"position":5},"title":"[Antrix-Devas Deal] Delhi High Court upholds decision of setting aside ICC Award of $562.5 million on the ground of fraud","author":"Simranjeet","date":"March 21, 2023","format":false,"excerpt":"The Delhi High Court upheld Single judge's decision to set aside ICC Award of $562.5 million in favour of Devas Multimedia (P) Ltd. for a failed satellite agreement with Antrix Corporation Ltd., on the grounds of fraud and being in conflict with the public policy of India.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Delhi High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=260276"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/260277"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=260276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=260276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=260276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}