{"id":263326,"date":"2022-03-09T10:00:17","date_gmt":"2022-03-09T04:30:17","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=263326"},"modified":"2022-03-17T09:29:55","modified_gmt":"2022-03-17T03:59:55","slug":"if-an-advertisement-for-petition-filed-under-s-433-of-companies-act-1956-is-not-published-will-entire-matter-be-transferred-to-nclt","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/09\/if-an-advertisement-for-petition-filed-under-s-433-of-companies-act-1956-is-not-published-will-entire-matter-be-transferred-to-nclt\/","title":{"rendered":"If an advertisement for petition filed under S. 433 of Companies Act, 1956 is not published, will entire matter be transferred to NCLT? Meghalaya HC explains"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Meghalaya High Court: <\/strong>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.<\/p>\n<p style=\"text-align: justify;\"><strong>Section 433 of the Companies Act, 1956<\/strong><\/p>\n<ol style=\"text-align: justify;\" start=\"433\">\n<li><em> Circumstances in which company may be wound up by Court. A company may be wound up by the Court,-<\/em><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><em>(a) if the company has, by special resolution, resolved that the company be wound up by the Court;<\/em><\/p>\n<p style=\"text-align: justify;\"><em>(b) if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting;<\/em><\/p>\n<p style=\"text-align: justify;\"><em>(c) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;<\/em><\/p>\n<p style=\"text-align: justify;\"><em>(d) if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two;<\/em><\/p>\n<p style=\"text-align: justify;\"><em>(e) if the company is unable to pay its debts;<\/em><\/p>\n<p style=\"text-align: justify;\"><em>(f) if the Court is of opinion that it is just and equitable that the company should be wound up.<\/em><\/p>\n<p style=\"text-align: justify;\">High Court expressed that there was a divergence in the practice followed in different High Courts since the inception of the Companies Act, 1956. Some High Courts required the immediate publication of an advertisement upon the creditor\u2019s winding-up petition being filed; whereas others, including Calcutta and Gauhati, required the Company Court to first be satisfied as to the existence of the indisputable debt before directing the publication of the advertisement.<\/p>\n<p style=\"text-align: justify;\">Invariably, when the Court was satisfied that the debt was indisputably due, an option would be given to the company to pay off the same, failing which, the advertisement would ensue.<\/p>\n<p style=\"text-align: justify;\">With respect to the present matter, the advertisement had not yet been published.<\/p>\n<p style=\"text-align: justify;\">Though the petition was filed before the relevant provisions of the Companies Act, 2013 were notified and the Insolvency and Bankruptcy Code, 2016 came into effect, the law, as it stands now, permitted only matter that has been advertised to be retained by the Court and requires all other matters to be transferred to appropriate Company Law Tribunal since the entire regime as to insolvency had been recognized and parked with such authority.<\/p>\n<p style=\"text-align: justify;\">Hence, the entire matter stood transferred to the National Company Law Tribunal, Guwahati.[Walchandnagar Industries Ltd. v. Green Valley Ind. Ltd., <a href=\"http:\/\/www.scconline.com\/DocumentLink\/cHZ4bh5K\"><b>2022 SCC OnLine Megh 44<\/b><\/a>, decided on 23-2-2022]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Advocates before the Court:<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\">For the Petitioner\/Appellant (s)<\/span><\/p>\n<p style=\"text-align: justify;\">: Mr. K.K. Mahanta, Sr. Adv. With Mr. K.M. Mahanta, Adv.<\/p>\n<p style=\"text-align: justify;\">Mr. S. Gautam, Adv.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\">For the Respondent (s)<\/span><\/p>\n<p style=\"text-align: justify;\">: Mr. K. Paul, Sr. Adv.<\/p>\n<p style=\"text-align: justify;\">Mr. JM Thangkhiew, Adv.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meghalaya High Court: Sanjib Banerjee, CJ, addressed a petition wherein a creditor\u2019s winding-up petition was instituted under Section 433 of the Companies <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,10],"tags":[34595,6121,29785,42834,12521,48825],"class_list":["post-263326","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-highcourts","tag-company-law","tag-insolvency","tag-law","tag-legal-news","tag-nclt","tag-winding-up-petition"],"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>If an advertisement for petition filed under S. 433 of Companies Act, 1956 is not published, will entire matter be transferred to NCLT? 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The Insolvency and Bankruptcy Code, 2016","author":"Bhumika Indulia","date":"November 21, 2020","format":false,"excerpt":"by Amir Arsiwala* & Ishan J Ravindranath**","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":323090,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/28\/dhc-transfers-case-for-winding-up-of-company-to-nclt-says-proceedings-still-at-nascent-stage-scc-times\/","url_meta":{"origin":263326,"position":1},"title":"\u2018Proceedings still at a nascent stage\u2019; Delhi High Court transfers case for winding up of company to NCLT","author":"Editor","date":"May 28, 2024","format":false,"excerpt":"The Delhi High Court said that the winding up proceedings which have not progressed to an advanced stage before the High Courts, ought to be transferred to the NCLT.","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\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=700%2C400&ssl=1 2x"},"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":263326,"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":239376,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/19\/not-just-the-petitioning-creditor-but-any-creditor-can-initiate-transfer-of-winding-up-proceedings-from-a-company-court-to-nclt-holds-sc\/","url_meta":{"origin":263326,"position":3},"title":"Not just the petitioning creditor but &#8216;any&#8217; creditor can initiate transfer of winding up proceedings from a Company Court to NCLT; holds SC","author":"Prachi Bhardwaj","date":"November 19, 2020","format":false,"excerpt":"Proceedings for winding up of a company are proceedings in rem to which the entire body of creditors is a party, hence, by a deeming fiction the petition by even a single creditor is treated as a joint petition.","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\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":255427,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/11\/decoding-winding-up-by-special-resolution-under-the-companies-act\/","url_meta":{"origin":263326,"position":4},"title":"Decoding Winding up by Special Resolution under the Companies Act, 2013","author":"Editor","date":"October 11, 2021","format":false,"excerpt":"by Saai Sudharsan Sathiyamoorthy and Chandramouli Prabhakar*","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":199240,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/07\/30\/petition-under-sections-433e-and-434a-of-companies-act-admitted-on-failure-of-any-bona-fide-ground-for-non-payment-of-dues\/","url_meta":{"origin":263326,"position":5},"title":"Petition under Sections 433(e) and 434(a) of Companies Act admitted on failure of any bona fide ground for non-payment of dues","author":"Bhumika Indulia","date":"July 30, 2018","format":false,"excerpt":"Delhi High Court: A Single Judge Bench comprising of Jayant Nath, J., admitted a petition filed for winding up of respondent company. The petition was filed under Section 433(e) and 434(a) of the Companies Act, 1956. The petitioner company had business dealings with the respondent company. The respondent was indebted\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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/263326","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\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=263326"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/263326\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=263326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=263326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=263326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}