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2015 (12) TMI 915 - HC - Companies LawRemoval of the attachment orders - praying the respondents not to proceed with auction sale of the property of the Company (in liquidation) - Held that:- Considering the scope of section 530(1)(a) of the Companies Act and section 178 of the Income Tax Act the Official Liquidator is bound to follow it. The attachment made by the Tax Recovery Officer, Raichur range, Raichur, is in force. Therefore, the Official Liquidator cannot take possession or deal with the property. The property is deemed to be in the custody of this court in view of the winding up proceedings. Therefore, it is appropriate to raise the attachment and permit the Official Liquidator to take possession of property and proceed in accordance with law. It is also necessary to direct the respondents to hand over books and records, if any with them, to the Official Liquidator. Accordingly application is allowed and the attachment made by the Tax Recovery Officer, Raichur Range, Raichur in respect of the property situated at No.24, Kolhar, IDA, Bidar, Karnataka, is hereby set aside. The Official Liquidator is permitted to take possession of the property belonging to the company (in liquidation) and proceed in accordance with law. The respondents 1 and 2 are directed to hand over books and records, if any with them, to the Official Liquidator. Insofar as the appointment of approved valuer is concerned, the Official Liquidator can move this court after taking possession of the property.
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