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2008 (12) TMI 403 - HIGH COURT OF PUNJAB AND HARYANAWhether the Company Court exercising jurisdiction in an application under sections 433, 434 and 439 of the Companies Act, has the power to appoint a provisional liquidator giving him liberty to sell properties not merely the property standing in the name of the Company but also the properties standing in the names of other Companies on the premise that such assets have been created with the funds collected by the Company? Held that:- Having regard to the scheme of the Companies Act protecting the interest of third parties and controlling the discretion of the liquidator by overall supervision of the Company Court, it will be untenable to contend that the directions given by the Company Court at the time of appointment of the provisional liquidator are not in conformity with law. Thus the sole contention raised by the appellant is therefore, without any substance and the appeal is dismissed
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