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Issues: Application under section 457(1) of the Companies Act, 1956 for directions by the Official Liquidator of M/s. Deep Special Steels Limited in Provisional Liquidation.
In this judgment by the High Court of Rajasthan, the issue involved is an application under section 457(1) of the Companies Act, 1956 by the Official Liquidator of M/s. Deep Special Steels Limited in Provisional Liquidation. The court, after hearing the counsel for the applicant and perusing the application, allowed the application. The Official Liquidator is granted powers, with court sanction, to settle the list of contributories, file proofs by creditors regarding debts and claims for priority under section 530 of the Companies Act, 1956, and exercise powers under section 457. These powers include the authority to institute or defend legal proceedings on behalf of the company, sell company assets, raise money on asset security, and perform all necessary actions for winding up the company's affairs and asset distribution. The judgment concludes by disposing of the application in accordance with the directions provided. This judgment is significant as it clarifies the powers granted to the Official Liquidator in the context of winding up a company under the Companies Act, 1956. It emphasizes the Official Liquidator's authority to take various actions essential for the liquidation process, such as settling lists of contributories, filing creditor proofs, conducting legal proceedings, selling company assets, and raising funds against company assets. By allowing the application and providing specific directions, the court ensures a structured and legally sound process for the liquidation of M/s. Deep Special Steels Limited.
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