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TMI Blog1987 (7) TMI 526X X X X Extracts X X X X X X X X Extracts X X X X ..... ich the financial institutions could pitch their claims. So far as the remaining prayer of the banks is concerned, they have asked the court to say that the payments to the workmen should be considered as coming within sections 529 and 529A of the Companies Act of 1956 - WRIT PETITION (CIVIL) NO. 5222 OF 1985. - - - Dated:- 22-7-1987 - RANGANATH MISRA AND M.M. DUTT, JJ R.K. Garg, S.K. Verma, S.S. Shroff, R. Sriprabhu, R.P. Singh, Pramod Dayal, U. Gobardhan, Miss A. Subhashini, K. Swamy, Probir Mitra, Dr. Y.S. Chitale, P.R. Seetharaman, M.T. George, D.K. Sinha and K.H. Nambiar, M.K. Banerjee, A.K. Sil, G. Joshi, Dr. Shankar Ghosh, A.K. Ghosh and M.M. Gangadeb for the Appearing parties. ORDER The official liquidator h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actions proposed to be effected by him attract the liability to sales tax and excise duty. It is further represented that there has been a tentative valuation of the goods intended to be sold. The dues of the workmen directed to be paid have also been approximately quantified. The gap is small and unless the official liquidator is able to dispose of the goods at a higher price than what has been estimated, it would be difficult for him to meet the demand of sales tax, excise duty as also the wages of the workmen. Faced with this situation, the official liquidator has asked for directions as to how he can comply with the order after meeting the statutory liabilities. In the order of April 27, 1987, this court has already indicated the pecu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be seen and this court really intended to say that there were other assets against which the financial institutions could pitch their claims. So far as the remaining prayer of the banks is concerned, they have asked the court to say that the payments to the workmen should be considered as coming within sections 529 and 529A of the Companies Act of 1956. Nothing would be said in that behalf now as a proposal for restructuring of the company is very much afoot and if it materialises, that would obviously save the company from being wound up. Therefore, until the eventuality of winding up comes, no orders in that behalf are necessary to be made. Learned Attorney-General, appearing for the Union of India, was to make a statement as to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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