The Delhi High Court Single-Judge Bench of Justice Ms. Tara Vitasta Ganju, while adjudicating an application seeking the transfer of pending winding-up proceedings against the corporate debtor to the National Company Law Tribunal, held that matters which have not reached an irreversible stage must be shifted to the NCLT for adjudication under the Insolvency and Bankruptcy Code, 2016. The Bench emphasised that the legislative intent behind the IBC is to consolidate and expedite insolvency proceedings through a unified forum, thereby ensuring the most efficient realisation of value for stakeholders.
