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Issues:
1. Compliance with Companies Act, 1956 and Companies (Court) Rules, 1959 for winding up petition. 2. Adherence to advertisement requirements under relevant rules. 3. Barred appeal petition by limitation and condonation of delay. Compliance with Companies Act, 1956 and Companies (Court) Rules, 1959 for winding up petition: The case involved an appeal against an order for winding up a company under sections 433 and 439 of the Companies Act, 1956. The Registrar of Companies filed a petition citing the company's financial inability to pay its debts. The main contention was the non-compliance with rule 96 and other relevant rules of the Companies (Court) Rules, 1959. The judgment highlighted the necessity of following proper procedures and rules when filing a petition for winding up a company. It emphasized the importance of adherence to the statutory requirements and procedural rules for such petitions. Adherence to advertisement requirements under relevant rules: The judgment analyzed rules 96, 99, and 24 of the Companies (Court) Rules, 1959, which mandate the advertisement of a winding-up petition. It pointed out that in the instant case, the required advertisement as per the rules was not published, rendering the order for winding up legally unsustainable. Citing the decision in National Conduits (P.) Ltd. v. S. S. Arora, the judgment reiterated that a petition for winding up must be advertised before being placed for a hearing. The court emphasized the necessity of following the prescribed procedures and rules to ensure the legality and validity of the winding-up process. Barred appeal petition by limitation and condonation of delay: The judgment addressed the issue of the appeal petition being potentially barred by limitation. It discussed the requirement of a certified copy of the order for filing an appeal under the Letters Patent and the time taken to obtain such a copy. The court considered the circumstances and condoned the delay in filing the appeal, ultimately ruling that the appeal was not time-barred. Additionally, the judgment highlighted another appeal challenging the same order, where the delay had already been condoned. The court held that the limitation argument put forth by the respondents had no merit and set aside the order for winding up the company, remanding the case for further proceedings. In conclusion, the judgment emphasized the importance of procedural compliance, specifically regarding the advertisement requirements for winding-up petitions, and addressed the issue of potential limitation in appeal petitions, ultimately setting aside the order for winding up the company and remanding the case for proper disposal in accordance with the law.
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