9911796707
TMI Blog1999 (1) TMI 489X X X X Extracts X X X X X X X X Extracts X X X X ..... the order dated 26-11-1998, passed in C.P. No. 196 of 1997. By the impugned order, the assets of the appellant-company were ordered to be sold by the methodology suggested in the impugned order itself. This appeal was filed on 6-1-1999. Two fold submissions have been made to assail the impugned order : ( i )that the learned company judge could not order the sale of the assets of the appellant-c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the learned company judge by the appellants and it was dealt with in the following manner : "In the circumstances aforestated in order to protect the interest of all concerned and without winding up the company at this stage and to implement the order of the court dated August 3, 1998 - Bharti Telecom Ltd. v. Altos India Ltd. (No. 2) [1998] 94 Comp. Cas. 929 (Punj. Har.), which has beco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s stage, i.e., the manner which would fetch maximum benefit to all concerned and would help the respondent-company to reduce its liability to the maximum extent. It is a settled principle of law that secured creditors cannot stand outside the winding up petition and it would be the exception to the rule that they are governed by the proceedings in the winding up petition." 3. We concur with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d counsel for the appellant. 4. So far as the second submission is concerned that the further proceedings regarding the sale of the assets should be stayed inasmuch as the appellants have been deprived to move the BIFR because of the non-supply of the copies of the accounts despite the order dated 3-8-1998 - Bharti Telecom Ltd. s case ( supra ), 10-11-1998 and a separate order passed on 26-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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