Cowi India Pvt Ltd vs Pinnacle Air Pvt Ltd on 4 February, 2025
In the case of Abhijeet Projects Ltd. v. Yogesh Khanna
(supra), the Division Bench of the Calcutta High Court
considered multiple appeals arising from the suo motu transfer of
winding-up proceedings to the NCLT by the learned Single
Judge. The Bench set aside two of these transfers, holding that a
winding-up petition cannot be transferred in the absence of a
formal application by an interested party and that the Single
Judge had exceeded jurisdiction by directing the transfer without
any request from the parties involved. However, in one instance,
the Bench upheld the transfer, observing that secured creditors
had expressly consented to the transfer and there was no
substantial progress in the liquidation proceeding, and thus, filing
a formal application in such a case would be a mere formality.
The Court clarified that where parties explicitly seek transfer or
indicate their consent, the absence of a formal application should
not be an impediment, as the transfer serves the broader objective
of streamlining insolvency resolution under the IBC framework.