9911796707
TMI Blog1934 (5) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... g order dated the 11th May, 1934, and it is not necessary to repeat them here. After hearing counsel for the petitioning creditor, we are of the opinion that the petition for the winding up of the company was not made in good faith by the petitioning creditor (Bharat Insurance Co.). The Bharat Insurance Company was the sole creditor of the Bombay House Limited and it appears that in execution of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to adopt was to dissolve the company forthwith. The petitioning creditor, however, opposed this prayer and moved the Court that the Liquidator be directed to trace the Managing Director and other Directors and have them publicly examined. It was suggested that such examination would lead to the discovery of frauds which had been committed by them and for which they should be prosecuted. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the winding up and insisting upon further proceedings in liquidation was not bona fide, and we do not see why in the peculiar circumstances of the case the entire cost of the liquidation be not paid by them. As already stated, the Company has not got assets and there is no reason why the Official Liquidator, who was appointed at the instance of the petitioning creditor and conducted the entir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t as his remuneration, which we fix at Rs. 150.
The Official Liquidator will submit a detailed account of his out of pocket expenses to the learned District Judge who, after having it properly checked, will issue a payment order against the Bharat Insurance Company for the amount found due plus Rs. 150 as the Liquidator's remuneration.
There will be no order as to costs of this hearing. X X X X Extracts X X X X X X X X Extracts X X X X
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