2["5. Transfer of pending proceedings of Winding up on the ground of inability to pay debts.- 

(1) All petitions relating to winding up of a company under clause (e) of section 433 of the Act on the ground of inability to pay its debts pending before a High Court, and, where the petition has not been served on the respondent under rule 26 of the Companies (Court) Rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Companies Act, 2013 exercising territorial jurisdiction to be dealt with in accordance with Part ll of the Code:

Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with rule 7, required for admission of the petition under sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal upto 15th day of July, 2017 , failing which the petition shall stand abated:

Provided further that any party or parties to the petitions shall, after the 15th day of July, 2017, be eligible to file fresh applications under sections 7 or 8 or 9 of the Code, as the case may be, in accordance with the provisions of the Code:

Provided also that where a petition relating to winding up of a company is not transferred to the Tribunal under this rule and remains in the High Court and where there is another petition under clause (e) of section 433 of the Act for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to the Tribunal, even if the petition has not been served on the respondent."]

 

 

* Effected w.e.f. 16th June, 2017 as per the Companies  (Transfer of Pending Proceedings) Second Amendment Rules, 2017 Dated 30th June, 2017

 

Amendments

1. Substituted by the Companies(Transfer of Pending Proceedings) Amendment Rules, 2017 Dated 28th February, 2017

In rule-5 sub-rule (1) in the proviso for the words "sixty days"  the words "six months" shall be substituted

2. Substituted by the Companies (Transfer of Pending Proceedings) Second  Amendment Rules, 2017 Dated 30th June, 2017. - Original Content