1984 (8) TMI 242 - SUPREME COURT

Whether the winding up proceedings were pending or had come to an end when the Appellate Bench froze the winding up order by keeping it in abeyance?

Held that:- Appeal allowed. The High Court was in error in rejecting the application made on behalf of the appellant-company for directing the provisional liquidator to prefer claims petition on the materials and expenses to be furnished by the company. The amounts realised by the provisional liquidator on filing claim petitions shall be handed over to the company and the appellant-company is under an obligation to use, spend, and appropriate them in the implementation of the scheme under the supervision of the court.