As per the recent notification of Ministry of corporate office it is stated that the pending proceedings under the Companies Act , with some exceptions, will be transferred from the district and High Courts to the benches of National Company Law Tribunals. This would take effect from 15 December 2016.
The brave step is taken by the Centre in view of the powers conferred to it under section 434(1)(c) of the Companies Act 2013. As per this section matters relating to arbitration , compromise agreement and reconstruction and winding up of companies would stand transferred to NCLT benches pertaining to the condition that Center needs to specify the date on which the matters are pending.
Under the companies act (removal of difficulties) fourth quarter of 2016 all those cases shall be transferred which relate to the winding up the pending in High Court variant petitions have not been served on the respondents. However it is for the stated in the notification that those matters in which orders have not been reserved by High Court shall not be transferred. These matters however include matters other than those relating to winding up.
As per The Companies (Transfer of Proceedings) Rule 16, those cases that are pending before the High Court’s which pertain to voluntary winding up of companies shall not be transferred. Further it is added that in case of such transfers no fees would be payable.
The government has also notified as many as 18 Provisions of 2013 Companies Act which would come in force this week and these provisions would include variation of shareholding rights, reduction of share capital, compromise, arrangement and amalgamations.