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2017 (7) TMI 876 - HC - Companies LawVoluntary winding up - Held that:- The power of Court under the provisions of Section 466 of the Act, to stay the winding up proceedings in relation to Companies being wound up by the Court, can also be exercised when a company is undergoing voluntary winding up, in the event the facts and circumstances of the case warrant stay of the voluntary winding up proceedings. In the present case, the Petitioner Company is stated to have sufficient funds with comparatively negligible liabilities, in order to continue the business operations of the Petitioner Company. Further, it has been stated that the primary shareholder of the Petitioner Company, Btindia Ltd., holding more than 99% of the share-capital of the former, is willing to support the Petitioner Company once the Petitioner Company revives its business operations. The voluntary winding up of the Petitioner Company being in its initial stage; and in view of the satisfaction accorded by the Official Liquidator and the Registrar of Companies, there appears to be no impediment to allow the relief prayed for by way of the present petition. Consequently, the voluntary winding up proceedings of the Petitioner Company are stayed altogether. The Directors of the Petitioner Company shall be restored with the power of managing the affairs of the Petitioner Company, and the Voluntary Liquidator shall handover the charge of the Petitioner Company to its Directors. The Voluntary Liquidator, Ms. Seema Khanna, stands discharged qua the voluntary winding up proceedings of the Petitioner Company.
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