Insolvency and Backruptcy

No automatic transfer of winding up proceeding under SICA to NCLT

In a recent judgment delivered by the Hon’ble Supreme Court presided by the division bench of R.F. Nariman J. And M.R. Shah J. dated 12th December 2018 in Jaipur Metals and Electricals Employees Organization v.

KSL & Industries Ltd. vs. M/s. Arihant Trades Ltd. & Ors.

The verdict of Supreme Court in KSL Industries Ltd. Vs. M/s. Arihant Trade Ltd. & Ors., delivered on 27th October,2014, held that provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (“SICA”) shall prevail over