9911796707
TMI Blog1991 (8) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... lil ShahS, C. Thakkar and V.A. Phadhe for the Respondent. JUDGMENT A.A. Cazi, J. This company application is made by the official liquidator for ( a ) directing the Commissioner for taking accounts to set aside the portion of workmen's dues out of the sale proceeds in view of the provisions of section 529A of the Companies Act, 1956, and to keep it in separate account until the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1975, respondent No. 1 filed a suit being Suit No. 703 of 1975, in this court for recovering its dues from the company by enforcing its security. On February 27, 1976, a decree was passed against the company and the decree provided for sale of the secured property for satisfaction of the decretal dues. On April 25, 1989, the movable property of the company was sold for Rs. 3.2 lakhs and the sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated April 17, 1989, to the Commissioner for Taking Accounts. This court directed the official liquidator to take out a judge's summons. Accordingly, this company application has been made by the official liquidator by taking out the necessary judge's summons and the orders sought for in the judge's summons are those which I have mentioned at the beginning of this order. The respondents are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disturb the vested rights existing prior to May 24, 1985. Mr. D'Vetre, learned counsel for the official liquidator, urged that the court is posed with only two questions, namely, (1) is the company still in liquidation and (2) are the securities of the company available? He submitted that if the answer to these two questions is in the affirmative then the provisions of sections 529 and 529A as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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