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2012 (4) TMI 483 - CALCUTTA HIGH COURTCompanies Act 1956 - petitioning-creditor seeking immediate appointment of a provisional liquidator over the company – non-payment of debt – winding up petition filed by creditor in 1998 dismissed on ground of reference made by the company to the BIFR prior to the filing of such petition – no scheme formulated by BIFR for nearly a decade - immovable properties of the company were alienated against little or no consideration – fictitious financial restructuring undertaken by the company to have positive net worth to de-register itself from BIFR scheme – other creditor’s winding-up petitions also admitted - Held that:- Merely by virtue of the pendency of the reference, the company enjoyed the suspension of legal proceedings, contracts and the like under Section 22(1) of the BIFR Act of 1985. A series of measures was adopted by the management of the company as a part of a vicious and malafide design to cheat its creditors, deceive all authorities and, its employees. In such circumstances, petition is allowed by way of appointment of official liquidator as the provisional liquidator over the company. Since, company is unable to show that transactions of sale of immovable properties were necessary or for the purpose of augmenting resources to discharge the company’s debts. Hence they being fraudulent, the title therein may not be deemed to have passed at all from the company – Decided in favor of petitioner.
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