TMI Blog2018 (8) TMI 1539X X X X Extracts X X X X X X X X Extracts X X X X ..... The powers of the Ex-directors of the aforesaid company are restored. The liquidator will hand over the charge of the said company to the Ex.Directors pursuant to which the liquidator will be discharged from further proceedings in the winding up process. After the filing of returns by the said Company, ROC will mark the said company as active in their records. - CO.PET. 748/2015 - - - Dated:- 9-8-2018 - MR. JAYANT NATH J Petitioners Through: Mr. Risabh Jain, Advocate. Respondent Through: Mr. Rishi Manchanda Standing Counsel with Ms. Divya Singh, Advocate for OL. Mr. P.S. Singh, Advocate for ROC. JAYANT NATH, J. (ORAL) 1. This company petition has filed under section 518(1)(b) of the Companies Act, 1956 (hereina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 5,49,817/-. 4. Learned counsel appearing on behalf of petitioner has also pointed out that the Voluntary Liquidator appointed Ms. Kintoo Aggarwal has filed an affidavit to the effect that she has no objection to the present petition. 5. At this stage, learned counsel appearing on behalf of the petitioner has relied upon the judgment of this Court in S.P. Sood Vs. Registrar of Companies, ILR 1977 Delhi 474, to submit that this Court has the power to stay the present proceedings in the voluntary winding up. Relevant portion of the judgment reads as follows. 3......Thus the question for consideration is whether the power to stay the winding up exercisable under Section 466 in relation to companies being wound up by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s had been settled and the debts had been paid and whether the members were prepared to reduce their share capital by surrendering and cancelling their bonus shares, then the Court would as at present advised be prepared a stay the proceedings in the winding up . Thus, there is no doubt that the Court does possess the power to stay a winding up even when it is a case of voluntary winding up. There must, however, be facts justifying the stay. The words used in Section 466 are: on proof to the satisfaction of the Court that all proceedings in relation to the winding up ought to be stayed. Thus, I have got to find from the facts whether this is a case where the winding up ought to be stayed or whether it is a case where the company should be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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