Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2018 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1084 - HC - Companies LawWinding up petition - whether the company should be wound up or not? - Held that:- In view of the submission made by the company that it is not in a position to liquidate the debts of the creditors as of now and considering the fact that there has been decrease in tangible assets of the company between 31st March, 2016 and 31st March, 2017 and the change in position between 21st June, 2017 and 22nd August, 2018 as prima facie noticed it is necessary to preserve the assets of the said company for the benefit of its creditors till further orders are passed. A prima facie case that the company has transferred its assets after filing of the winding up application is established. The balance of convenience and inconvenience is in favour of the creditors of the said company. The company is therefore restrained by an order of injunction from dealing with, disposing of, alienating, encumbering or creating any third party interest in respect of its assets until further orders. Considering the need to preserve the assets of the company for the ultimate benefit of the creditors the Official Liquidator is appointed as the Provisional Liquidator who will make an inventory and prepare a list to that effect and thereafter be in symbolic possession of the assets of the company. The inventory list to be prepared by the Provisional Liquidator be submitted on the next date of hearing. The creditors are directed to serve a copy of this order immediately to the Provisional Liquidator.
|