Supreme Court of India · 2018-12-12
JAIPUR METALS AND ELECTRICALS EMPLOYEES ORGANIZATION THRU GENERAL SECRETARY MR. TEJ RAM MEENA vs JAIPUR METALS AND ELECTRICALS LTD. THRU ITS MANAGING DIRECTOR
- Citation / case number
- SC 2018/24422
- Court
- Supreme Court of India
- Petitioner
- JAIPUR METALS AND ELECTRICALS EMPLOYEES ORGANIZATION THRU GENERAL SECRETARY MR. TEJ RAM MEENA
- Respondent
- JAIPUR METALS AND ELECTRICALS LTD. THRU ITS MANAGING DIRECTOR
- Author
- HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN
- Bench
- HON'BLE MR. JUSTICE NAVIN SINHA HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN
Judgment text excerpt
The Supreme Court held that the High Court's refusal to transfer winding up proceedings to the NCLT was erroneous, as it set aside the NCLT's order admitting a financial creditor's petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Court emphasized the applicability of the non-obstante clause in Section 238 of the Code, affirming that the NCLT had jurisdiction to admit the application. Consequently, the Supreme Court stayed the High Court's judgment and allowed the NCLT proceedings to continue.