TMI Blog1973 (11) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... ot yet been admitted and so far only a notice to show cause why the petition should not be admitted has been issued to the respondent-company. Thereafter, various orders have been passed and even some statements have been recorded, but the winding-up petition has not yet been admitted nor advertised. A talk of compromise has been going on which has delayed the admission and advertisement of the petition or its dismissal, as the case may be. Pending the decision regarding the admission of that petition, the present application along with 80 more similar applications have been presented by various alleged creditors of the respondent-company purporting to support the winding-up petition. Notices were issued to the respondent-company to file re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n or failing at the instance of a petitioning-creditor or contributory at the expense of the other creditors or contributories who are not before the court as petitioners. The purpose of this rule is to provide a method by which other creditors and contributories can be brought on record as substitute petitioners. I need not at the moment deal with all the details of the procedure required to be followed. It is sufficient to state that if a creditor or contributory withdraws from a pending winding-up petition, there is a procedure which gives a right to other creditors or contributories to step into his shoes to continue the winding-up petition. If such permission is granted by the court, rule 102 allows the court to permit the winding-up p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ? I think the proper procedure is provided for by rule 34 of the Companies (Court) Rules, 1959, on which the applicant himself relies. That rule provides that every person who intends to appear at the hearing of a petition, whether to support or oppose the petition, shall serve on the petitioner or his advocate notice of his intention so to do at least five days before the hearing. The effectiveness of this rule does not depend on the existence of an advertisement. Such a notice can be given without an advertisement to the advocate of the petitioner. If such a notice is given, the procedure to be followed by the advocate is to file a list of the persons who have given notice in the court. This list is provided for by rule 35 of the Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eard at the hearing of the petition in accordance with rule 34. Once this has been done, it remains to be seen how the procedure under rule 101 can be followed. When the winding-up petition is heard and the petitioner is held not to be entitled to maintain the petition, or withdraws the petition, or fails to appear, etc ., as provided for in rule 101, then any of the persons, who have given notice are entitled to inform the court that they wish to continue the winding-up petition; after which, the court can, in its discretion, pass an order under rule 102 directing the winding-up petition to be amended by substituting the names of such persons as petitioners, and also permitting the necessary allegations to be substituted in the winding- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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