2017 (3) TMI 1644 - HC - Companies Law

Power of Tribunal to stay winding up - Ownership and possession of the assets of the Company In Liquidation - Held that - The Official Liquidator will examine this application under section 466 of the Companies Act, 1956 and file a report in this court by 7th April, 2017 as to the viability of the proposals contained therein. Copies of the report should be circulated to the applicants. List this application on 10th April, 2017. Till 28th April, 2017 or until further orders, to enable this court to consider the merits of this application, prima facie, and the report of the Official Liquidator, the Official Liquidator will maintain the present status quo regarding the ownership and possession of the assets of the Company In Liquidation .

Summary

The Calcutta High Court directed the Official Liquidator to examine an application under section 466 of the Companies Act, 1956 and submit a report by 7th April, 2017 on the viability of the proposals. The Official Liquidator was instructed to maintain the status quo regarding the ownership and possession of the assets of the Company [In Liquidation] until 28th April, 2017 or further orders.