9911796707
TMI Blog1994 (7) TMI 360X X X X Extracts X X X X X X X X Extracts X X X X ..... ther order dated 10-9-1990 passed by Justice Prabir Kumar Majumdar instalment were again allowed to the Company for payment of the dues of the petitioning creditor. By the said order dated 10-9- 1990 it was, inter alia, provided that in default of making payment in the manner as indicated in the said order, the petitioner will be at liberty to apply for further directions. 3. It has been submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be said that a winding up application is an application for obtaining decision for recovery of debts due to any bank or financial institution. A winding up proceeding is a proceeding under The Companies Act and the relief and/or order for winding up can only be made by or under the provisions of the Companies Act. 6. In my opinion an application for winding up is a special right or remedy given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commence its business within a year from its incorporation, or suspends its business for a whole year; (d) if the number of members is reduced, in the case of a Public Company, below, seven, and in the case of a private Company, below two; (e) if the Company is unable to pay its debts; (f) if the court is of opinion that it is just and equitable that the Company should be wound up; 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is made by any bank or financial institution or any other parties. 9. In view of the what is stated above, the application for winding up is admitted. The petitioner will issue advertisements once in The Telegraph and once in The Bartaman and the application is made returnable 6 weeks hence, Publication in Calcutta Gazette is dispensed with. 10. All parties are to act on a singed copy of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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