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2010 (6) TMI 328 - HC - Companies LawUnsuccessful applicant under section 466 of the Companies Act for staying of the order of winding up of the company - Held that:- No hesitation to conclude that the proposed scheme does not come within the purview of section 466 of the Act justifying staying of the order of winding up of the company. Moreover, we find substance in the contention of Mr. Kar, the learned advocate for the respondent No. 8, that without removing the lacuna pointed out by the Company Court while rejecting the similar application by disclosing the particular of the unsecured creditors, the appellant was not even entitled to maintain another application. We, therefore, hold that the application under section 466 of the Act was not at all maintainable at the instance of the appellant without removing the defects pointed out by the learned Company Court while rejecting the earlier application and at the same time, even on merit, the same deserves dismissal as the object of the scheme is to distribute the assets of the wound up company by private arrangement and thus, it is for the Official Liquidator to immediately take step for sale of the assets.
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