MCA vide Order No. S.O. 3676(E) on Wednesday, 7th December, 2016, to remove the difficulties regarding Transfer of Proceedings to Tribunal relating to arbitration, compromise, arrangements and reconstruction and winding up of companies pending before any District or High Court, Section 434(1) of the Companies Act, 2013 i.e. Transfer of certain pending proceedings is being amended by inserting a provisos after clause (c) which states that
- Only those cases (other than winding-up) will be transferred for which orders for allowing or otherwise of the proceedings are not reserved by High Courts.
- Also, proceedings which shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959 are as under:
- all proceedings (other than winding-up) under Companies Act 1956 that are reserved for orders for allowing or otherwise; or
- the proceedings relating to winding up which have not been transferred from the High Courts.
The said Order can be accessed from the following link:Order_07.12.2016_Co.(RemovalOfDifficulties)4thOrder,2016