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2007 (11) TMI 407 - HIGH COURT OF MADRASWinding up - Circumstances in which a company may be wound up - Held that:- The learned Company Judge should have either accepted the compromise making it as a part of the final order (decree) or could have refused to accept the said compromise with a reasonable ground for not accepting the same and in such case only he could have proceeded on merits to decide whether winding up was necessary or not. In this connection we may state that this court has noted the oral submissions made by the parties that number of winding up proceedings have been preferred against the company and in many of them such compromise petitions have been filed. For the said reason we are not deliberated on the question whether the winding up is necessary or not, which required determination by the learned Company Judge. In fine, the appeal is allowed and the matter is remanded to the learned Single Judge for fresh determination taking into consideration the compromise petition filed by the parties and then to dispose of the matter in accordance with law.
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