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2009 (3) TMI 565 - HIGH COURT OF PUNJAB AND HARYANAWinding up - Circumstances in which a company may be wound up - Held that:- Having regard to the fact that the contentions of the petitioner had been already disclosed in the petition for winding up and the conduct of the reconstruction company had already been referred to in its application for impleadment, counsel for the petitioner pleaded that the averments in the company petition itself could be taken as objection to the application filed by the reconstruction company seeking for modification of the order. As already made against alienation of assets, it shall stand modified to permit the reconstruction company to take further proceedings under the SARFAESI Act. The petitioner would be permitted to move this Court for appropriate directions if the petition for winding up is considered favourably. The ultimate directions shall follow on what is held on the outcome of petition for winding up. In the meanwhile, no appropriation or disbursal of the sale proceeds shall be undertaken by the asset reconstruction company without leave of this Court.
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