9911796707
TMI Blog1967 (9) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... s a creditors' petition for an order for winding up of a company registered under the Companies Act, named Chitale Agricultural Products Ltd. The petition is based on the ground that the company is unable to pay its debts, and in support of that contention reliance is placed on the provisions both of section 434(1)( a ) and of section 434(1)( c ) of the Companies Act. The petitioner has claimed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same subsidiary company. It is not disputed that the said subsidiary company has not yet even gone into production, though registered as far back as the year 1954. As against these assets, the company has liabilities to the tune of Rs. 60,12,285 as stated in paragraph 6 of the affidavit dated August 18, 1967, filed by the petitioner in reply to the judge's summons which was already disposed of by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, however, submitted that the court should, at this stage, instead of making a winding-up order straightaway, merely appoint a provisional liquidator in order to safeguard the assets of the company, and in order to make arrangements for prosecuting the appeal filed by the company in the Supreme Court which is still pending, and on which, according to Mr. Mistree, the fate of this company depends. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fforts to do so. As far as costs are concerned, the costs of the petitioner as well as of the company will come out of the assets of the company in two separate sets. The shareholders who have appeared on this petition will also be entitled to their costs out of the assets of the company in a separate set. The other creditors who have appeared on this petition will, amongst themselves, be entitl ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
