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2009 (8) TMI 697 - HC - Companies LawAppointment of Official Liquidator, High Court, Chennai as the provisional liquidator directing him to take charge of the assets of the respondent-company - winding up - Held that:- Before invoking the powers of the company court under section 450 of the Companies Act for appointment of the provisional liquidator, the reasons and circumstances which warrant for making such appointment is a must. Under such circumstances, the Court is of the opinion that the orders cannot be sustained. Therefore, the appeals are allowed and the orders passed in C.P. No. 232 of 1998, dated 22-4-2009 and C.P. No. 186 of 1997, dated 21-4-2009, are set aside. The matters are remitted to the company court to consider the same on merits of the matters individually.
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