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2010 (3) TMI 684 - HC - Companies LawWhether the Official Liquidator should be restrained from issuing any notice of auction or tender notice and selling the plot of land? Held that:- The Ex-Directors had knowledge of the proceedings. Each one of them is aware and in fact stated that the company in liquidation was carrying on its business and manufacturing activities on the subject plot. That it was adjacent to plot No. R-35 and possession of that plot was taken by the Liquidator. In such circumstances, by their acts, they prevented the Official Liquidator from attaching and taking possession of the subject plot, thereby they prevented the Court from attaching a valuable asset of the company in liquidation. The Court protects assets and properties so as to effectively and properly wind up the affairs of the company in liquidation. The Court ensures payment of all legal dues to the creditors of the company in liquidation as per their priorities. When such is the intent of the winding up proceedings, then, in the admitted set of facts, it is not possible to agree with Shri Rajadhyaksha that this is a fit case for giving the subject plot and the transaction in that behalf. We find no error in the conclusion reached by the learned Single Judge. In the result, the appeal fails and it is, accordingly, dismissed
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