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TMI Blog1966 (12) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... ges and salaries of its employees. The question of maintainability arises or is raised by the office, in the light of the language of the section. Section 536 reads as follows: "(1)In the case of a voluntary winding up, any transfer of shares in the company, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of the winding up, shall be void. (2)In the case of a winding up by or subject to the supervision of the court, any disposition of the property (including actionable claims) of the company, and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up, sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scretion by the court under the said sub-section are directly related to the interests of creditors and the equitable distribution of available assets among all creditors in accordance with law, avoiding all preferences not expressly permitted by the law. It may be that the suggestion that the court has no jurisdiction whatever to deal with situations arising between the date of presentation of the winding-up petition and the order of winding-up is not sound, because on the passing of a winding-up order, the date of commencement of winding-up is related back to the date of presentation of the petition, and, secondly, even before an order for winding up is passed, the court may find it necessary to make appropriate interim orders either for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition, it becomes necessary to hear parties other than those that are already before me (viz., the company and the petitioning creditor), it may not be possible for me to have the benefit of their views because the only way in which the company court can put all interested parties on notice, so that they may appear with relevant information necessary to assist the court, is the advertisement. In the absence of such an advertisement, which gives an opportunity to the parties interested to come before the court, it may not be possible for me to act upon the confidence that all that is to be said on the matter has been said by the parties actually before me, nor is there material either already placed before me or capable of being called for o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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