Now Reading: Calcutta HC junks Centre nod for HNG office shift from Bengal to Maharashtra
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Calcutta HC junks Centre nod for HNG office shift from Bengal to Maharashtra
Calcutta HC junks Centre nod for HNG office shift from Bengal to Maharashtra
The Calcutta High Court has held that Hindusthan National Glass & Industries Ltd. (HNGIL) cannot shift its registered office from West Bengal to Maharashtra while appeals against its approved insolvency resolution plan…
The Story in Brief
The Calcutta High Court has held that Hindusthan National Glass & Industries Ltd. (HNGIL) cannot shift its registered office from West Bengal to Maharashtra while appeals against its approved insolvency resolution plan are pending before the NCLAT. A division bench quashed the Regional Director's approval, ruling it violated the second proviso to Rule 30(9) of the Companies (Incorporation) Rules, 2014. This provision bars shifting if any appeal is pending.
The court rejected arguments that the IBC overrides the Companies Act, noting no inconsistency between the laws. The amendment was specifically meant to prevent jurisdictional changes during judicial scrutiny of resolution plans.
The Indian Opinion
The Calcutta High Court has rightly flagged a procedural overreach by the Ministry of Corporate Affairs. Some may argue the IBC's intent is to speed up resolutions, but the court correctly noted no inconsistency between the two laws. The real test is whether the NCLAT will now hear pending appeals on merits, or if this ruling gets challenged. Watch for the timeline of the next hearing.
Source: millenniumpost.in
This story was synthesised by AI from the source linked above.
