9911796707
TMI Blog1998 (3) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... said order, the company is directed to be wound up. 3. It may only be mentioned here at this stage and only by way of a background leading upto the winding up order, that the present respon- dent had filed a winding up petition following a statutory notice under section 434 of the Companies Act, 1956 ('the Act') that the notice on filing of the petition had been served on the appellant-company, and on its failure to present any defence, the said winding up petition was admitted and also advertised. Even at this stage, the appellant-company did not prefer any defence, and ultimately, the learned Company Judge passed the order of winding up of the company. As against this order, an earlier an O.J. appeal had been preferred, which was, ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon the Company Court to dispense with any advertisement. However, it may be noted that we are not required to interpret whether such discretion is wide enough to dispense with all advertisements contemplated by sub-rule (2). We are merely required to interpret as to whether the Court has power to dispense with publication in the Government Gazette. 5.3 As observed by us hereinabove, if sub-rule (2) of rule 24 is interpreted in the manner professed by the learned counsel for the appellant, the same would amount to saying that in the case of petition for winding up, the Company Court has absolutely no discretion to dispense with any publi-cation at all. Such interpretation would obviously run counter to the combined reading of rule 24, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dequate assets to meet the obligation in respect of the debt asserted by the petitioning creditor, and that given an opportunity, such assets can be realised or dealt with for meeting the dues of the petitioning creditor. To our mind, this submission is merely academic and has been made only with a view to stretch as much time as possible. We cannot overlook the fact that the winding up petition was filed as early as in the year 1993, and even till today, the Official Liquidator has not been placed in possession of the assets of the company in spite of the orders passed in the said winding up petition. Protracted negotiations and protracted litigations ultimately serve nobody's purpose except the debtors'. However, the principal reason why ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
