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2020 (12) TMI 867 - Tri - Companies LawSeeking winding up of HMT Bearings Limited - Seeking appointment of Counsel who filed the petition as provisional liquidator - Section 272 of the Companies Act, 2013 - HELD THAT:- This Tribunal is empowered under Section 275 (1) of the Companies Act, 2013 to appoint an Official Liquidator for the purpose of winding up of the Company and for this purpose the Tribunal, in accordance with Section 275 (2) of the Companies Act, 2013, to appoint the Company Liquidator from amongst the Insolvency Professionals registered under the Insolvency & Bankruptcy Code, 2016. The Petitioner cannot be considered for Company Liquidator as he has rendered his services as an Advocate for Company and the Bench is apprehensive that it may amount to conflict of interest. Upon hearing the submission made by the Learned Counsel for Petitioner and the facts and circumstances stated in the petition, namely the bonafide action taken pursuant to the decision of the Central Government to wind up the Company under Section 271-272 of the Companies Act, this is considered to be a fit case to order winding up / closure of the Company i.e. M/s HMT BEARINGS LIMITED - application allowed.
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