TMI Blog1983 (2) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The learned Company Judge after framing the issues, gave a direction that the petition for winding- up be advertised. The petitioner-company against whom the petition for winding up is made, preferred an appeal in each case under Section 483 of the Companies Act 1956. 4. When appeal came up for admission, a Division Bench of the High Court admitted the appeal but declined to grant stay of order directing the advertisement of winding up petition. Present petitions are directed against the order of the Division Bench of the High Court refusing stay of the order directing advertisement of winding up petition. The High Court is seized of the matter as the appeal preferred by the petitioner-Company is pending in the High Court and the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the winding up petition. We are also told that the High Court having refused the stay, the appeal should ordinarily be heard as early as possible. The High Court subject to its priorities may expedite the hearing of the appeals. Both the parties shall move the High Court after three weeks from to-day requesting the High Court to hear the appeals as expeditiously as possible and for a fixed date. Mr. Goel learned Counsel for the creditor urged that the order directing furnishing of security or security already furnished will remain unaffected. Liberty to move the High Court for relief in this behalf. 6. The order made by us in the above two petitions shall govern the present petition also. In the present case, it was further pointed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill consider the offers. He must give advance notice and inspection if the parties desire, of the vehicles and creditors will equally be entitled to bring offers and or to make their own offers and ultimately, the offers should be submitted to the learned Company Judge for confirmation. 8. It was pointed out that there is an amount to the credit of the petitioner-Company in a Bank but it cannot be withdrawn. It was urged that the amount is necessary to buy new vehicles. A direction should be sought from the learned Judge. The Company Judge may consider the request of the Petitioner-Company to withdraw the amount from the Bank for the purpose of purchasing new chassis for having new buses. 9. All the petitions are disposed of subject t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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