Page 725 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT Mumbai Bench

"THE ELEVENTH SCHEDULE

(See section 255)

AMENDMENTS TO THE COMPANIES ACT, 2013

(18 OF 2013)

"434. (1) On such date as may be notified by the Central Government in this behalf,--

(a)....

(b)....

(c) all proceedings under the Companies Act, 1956, including proceedings relating to arbitration,

compromise, arrangements and reconstruction and winding up of companies, pending immediately before
such date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal
may proceed to deal with such proceedings from the stage before their transfer:

Provided that only such proceedings relating to the winding up of companies shall be transferred to
the Tribunal that are at a stage as may be prescribed by the Central Government.

(2) The Central Government may make rules consistent with the provisions of this Act to ensure timely
transfer of all matters, proceedings or cases pending before the Company Law Board or the courts, to the

Tribunal under this section."

7. So, by reading section 255 of the Code and schedule thereto, it is evident that the source for

amendment for section 434 of Companies Act 2013 is from section 255 of this Code, therefore when it is
evident that Section 434 is amended in such a way that High Courts, as prescribed by Central
Government, can proceed with pending winding-up matters other than the winding-up matters transferred

to NCLT, it has to be construed that the source for saving winding up proceedings pending before High
Courts has come from section 255 of this Code.

8. Now let us see what notifications have come from the Ministry of Corporate Affairs in pursuance
of the power come from 11th Schedule to the Code. Two notifications have come - one on 29.12.2016

and another on 15.7.2017, the text to the extent relevant has been taken out, which is as follows:

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