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2008 (1) TMI 620 - HIGH COURT OF DELHIWinding up - Circumstances in which a company may be wound up - Held that:- In the event of dealings by the Company with its assets between the date of presentation of the winding up petition and the date when a valid petition comes into existence after re-verification of the same, third parties may have acquired valuable rights in the company’s assets, which, it may be difficult to assail or set aside. The winding up order would come into existence on the date of such re-verification and this would create a good deal of confusion regarding the assets of the company and rights of third parties. In each case it would be a question of fact. These aspects, in our view, are required to be considered by the learned Company Judge on the basis of the facts and the pleadings before the learned Company Judge and, therefore, to the aforesaid extent we set aside the order passed by the learned Company Judge in respect of the affidavit and remand back the matter to the learned Company Judge to consider the same in accordance with law.
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