2003 (1) TMI 530

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..... for the Applicant. ORDER 1. Heard learned counsel for the parties, perused the application, the reply filed thereto by the Official Liquidator and the rejoinder filed by the applicant. This is an application under section 446(2) of the Companies Act, 1956 and under Rule 9 of the Company (Court) Rules, 1959. In the application prayer has been made to allow the applicant Bank to remain out of wi .....

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..... t Bank being a secured creditor, in case, is permitted to remain out of winding up proceedings it may not materially affect or otherwise cause prejudice to the other creditors, share holders or contributories of the company in liquidation. It is a case where winding up of the company has been ordered on the application filed by its own Managing Director. It is really very serious and shocking th .....

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..... company is to be undertaken/made after wide notice of invitation of tender/offers in National level as well as State level newspapers having wide circulation; 4.The sale shall be subject to confirmation of the Court; 5.The sale proceeds (received of sale of the assets of the company in liquidation) are to be deposited with the Official Liquidator forthwith. 6.After confirmation of sale, the ap .....

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