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TMI Blog2017 (8) TMI 1670X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidator to be received under such provision. Applications for meetings to be held of creditors of a company (in liquidation) ought to be seen with a lot more circumspection than is evident from the order impugned. In the scheme of things that existed prior to the Companies Act, 2013 and as is still applicable to the company (in liquidation), this Court is in seisin of the company (in liquidation) and its assets and properties and is answerable to all its creditors. A bystander or a passerby cannot be allowed to hijack the assets of the company (in liquidation) by convening an illegal meeting. The Court has to guard against such mala fide attempts as the present one and the Court is duty-bound to do so. Since the very application carri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ked without such provision, obviously, being looked into as it did not either authorise the making of the application thereunder or the passing of any order in respect thereof. Section 391 of the Companies Act, 1956 permits a compromise or arrangement to be proposed between a company and its creditors or a class of creditors or between a company and its members or a class of members on the application of the company, or any creditor or member of the company. However, in the case of a company which is being wound up , Section 391(1) of the Act permits only an application of the liquidator to be received under such provision. In this case, the application was not filed by the liquidator. Indeed, the official liquidator may not have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the making or the receipt of such application, CA No. 107 of 2016 is dismissed with costs assessed at Rs. 1 lakh for such irresponsible application. The applicant in CA No. 107 of 2016, whether by itself or through any agent or otherwise, shall not obtain orders similar to those sought in CA No. 107 of 2016 without this order being specifically brought to the notice of the Court or forum where such orders may be sought. The order impugned dated December 5, 2016 stands set aside. All steps taken pursuant to such order are illegal and of no effect and shall not be given effect to in any manner or form. APO No. 160 of 2017, ACO No. 37 of 2017, OCO No. 6 of 2017, ACO No. 11 of 2015 and APO No. 264 of 2017 are disposed of as above. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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