9911796707
TMI Blog2008 (3) TMI 472X X X X Extracts X X X X X X X X Extracts X X X X ..... NT (ORAL JUDGMENT) K.A. Puj, J. - The petitioner has filed this petition under sections 433 and 434 of the Companies Act, 1956, for winding up of the respondent-company on the ground that the respondent-company has failed to discharge its liabilities towards its creditors including the petitioner. This court has issued notice on May 4, 2007. Notice was duly served on the respondent-company. Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved that the secured creditors have enforced their security under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The court therefore, passed an order of admission and directed the petitioner to issue advertisement in English daily The Indian Express, Ahmedabad edition and Jansatta, Gujarat daily, Ahmedabad edition. Publication in Government Gaze ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court vide its order dated May 10, 2005, directing the said banks to set apart Rs. 5 crores out of the sale proceeds in a separate account. The said amount was to be set apart without prejudice to the rights and contentions of the parties. Bank of India being respondent No. 1 in the said petition was directed to file necessary affidavit and undertaking before this court in this behalf. The court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d proceedings before this court and from the communication received the petitioner, from the workers union, it clearly appears that the assets of the company have already been sold Nothing remains which enables the company to carry on any business or to continue its existence. To pass a winding up order is merely an empty formality. The company is virtually closed and the secured creditors have al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings of Special Civil Application No. 2666 of 2005 and Special Civil Application No. 9821 of 2006 and the orders passed therein. After considering the development and outcome of the said proceedings, the official liquidator is directed to file a report before this court. The official liquidator is further directed to issue notices to the ex-directors of the company to file statement of affairs. S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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