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2009 (12) TMI 515 - HIGH COURT OF CALCUTTAWinding up - Power of Court to stay winding up - Held that:- The impugned order was obtained with mala fide motive after suppression of material facts of dishonour of the cheque dated 6-1-2009. Mere fact that after committing default, the company on a subsequent date was in a position to pay the entire dues was not sufficient to order stay as pointed out above. It appears from the impugned order that the learned Single Judge has without recording any reason directed the Official Liquidator to return possession already taken pursuant to the earlier order and fixed a date for further hearing. The procedure adopted by the learned Single Judge was totally irregular as mentioned above and was opposed to the well-settled principles which are required to be followed before exercising the discretion of stay. We consequently allow the appeal, set aside the impugned order and reject the application filed by the company-in-liquidation on which the impugned order has been passed as the averments made therein do not make out a case for recalling the earlier order. The payment made by the respondent pursuant to an order passed by a Division Bench of this Court in connection with this appeal should be adjusted towards the claim of the appellants.
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