2005 (10) TMI 280 - SUPREME COURT

Winding up - Overriding preferential payments - Held that:- The directions issued by the company court are in the interest of all the creditors and are well within its jurisdiction. But as finding merit in the submission that the company court was not justified in not ordering a fresh valuation of the properties. Having regard to the lapse of time, we are satisfied that a fresh valuation is necessary thus direct the company court to get a fresh valuation done by a valuer from the panel of valuers of the High Court. The other directions issued by the company court are affirmed.