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TMI Blog2018 (8) TMI 1539X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012 decided to institute Member's Voluntary Winding-Up proceedings and gave the Declaration of Solvency pursuant to section 488(2) of the Act. In the Extra Ordinary General Meeting a special resolution was passed for commencement of the winding up of the company under section 484(1)(b) of the Act on 21.03.2012 and Ms. Kintoo Aggarwal, Company Secretary was appointed as Voluntary Liquidator of the said company under Section 490 of the Act. 3. During the course of business with Mahanadi Coal Field Limited (MCL) a dispute has arisen about the non-payment of full dues of the respondent company. Hence, the said company had filed a suit against MCL in the court of Civil Judge (Sr.Division), Sambalpur in the year 2005. The suit was decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hore 305(1), it was held under the old Act that the Court could stay a voluntary winding up. In the matter of East India Cotton Mills Ltd. Air 1949, Calcutta 69(2), S.R. Dass J. (as he then was) examined the principles on which a stay of winding up could be ordered and found that it was analogous to the jurisdiction exercised while rescinding a receiving order or annulling an adjudication in bankruptcy. There are some English cases also in which a voluntary winding up was stayed. Examples of those are: IN re: South Barrule State Quarry Slate Quarry Co. (1869) 8, Equity Cases 688 (3), re: Titian Steamship Co. (1888) W.N. 17(4), and many other cases. It has been held in such cases that mere consent of the parties is not enough but the Court s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay the voluntary winding up of the said company. The Company is solvent. It is likely to receive funds in the litigation against MCL. 8. The petition is accordingly allowed. The respondent company will file all the statutory reports before the ROC, as per law. 9. The powers of the Ex-directors of the aforesaid company are restored. The liquidator will hand over the charge of the said company to the Ex.Directors pursuant to which the liquidator will be discharged from further proceedings in the winding up process. After the filing of returns by the said Company, ROC will mark the said company as active in their records. 10. The Petition stands disposed of accordingly. All the pending applications, if any, also stands disposed of. & ..... X X X X Extracts X X X X X X X X Extracts X X X X
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