Winding Up Petitions Under Companies Act Not At Irreversible Stage, Should Be Transferred To NCLT For Revival Under IBC: Himachal Pradesh HC

The Himachal Pradesh High Court ordered the transfer of winding-up petitions that still had the potential for revival to the National Company Law Tribunal (NCLT) for resolution under the Insolvency and Bankruptcy Code (IBC). This move aims to optimize the insolvency resolution process by utilizing the mechanisms provided under the IBC for potentially salvageable businesses.