TMI BlogLiquidation proceedings - Scope of the term "Party" - the proceedings for winding up of a company are...Liquidation proceedings - Scope of the term "Party" - the proceedings for winding up of a company are actually proceedings in rem to which the entire body of creditors is a party. The proceeding might have been initiated by one or more creditors, but by a deeming fiction the petition is treated as a joint petition. The official liquidator acts for and on behalf of the entire body of creditors. Therefore, the word “party” appearing in the 5th proviso to Clause (c) of Subsection (1) of section 434..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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