9911796707
TMI Blog2005 (9) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... er Agarwal, Adv. For Respondent(s) Mr. Romy Chacko,Adv. Mr.Veeranjaneyulu K.L.N.V., Adv. ORDER These appeals by Special Leave are directed against the judgment and order of the High Court of Kerala at Ernakulam dt.11.10.2002 whereby the High Court in exercise of its original jurisdiction passed orders on Report No.58 in CP 19/92, Report No.40 in CP 2/95 and Report No.51 in CP No.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficial Liquidator filed Income Tax Returns on behalf of the Company till the assessme nt year 1999-2000. The Income Tax Return disclosed that till the assessment year 1996-1997, the Company earned no income and it was only in the year 1996 that on sale of the charged assets, the amount of ₹ 12,57,12,181/- was received. The Official Liquidator submitted his report to the Court and prayed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions. The language of the Section is clear and unambiguous and having regard to the clear language employed by the Legislature, there can be no doubt that notwithstanding any other provision in the Companies Act or any other law for the time being in force, in the winding up of a Company, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act which puts the mat ter beyond controversy. Section 530 of the Companies Act in clear terms provides that in a winding up, in priority to all other debts all revenues taxes, cesses etc. shall be paid but this is made expressly subject to the provisions of Section 529A. The Act, therefore, does not treat the revenue taxes as liquidation expenses. Reading Sections 529A and 530 together, there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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