Custody of company's property requires the liquidator to take control and may compel magistrate assistance for winding up proceedings. Where a winding up order is made or a provisional liquidator appointed, the liquidator or provisional liquidator shall take into custody or under control all property, effects and actionable claims of the company. The liquidator may request the Chief Presidency Magistrate or the District Magistrate to take possession of such property, books or documents and deliver them to the liquidator, and the magistrate may take necessary steps and use such force as he considers necessary. All company property and effects are deemed in the custody of the Tribunal from the date of the winding up order.
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Provisions expressly mentioned in the judgment/order text.
Custody of company's property requires the liquidator to take control and may compel magistrate assistance for winding up proceedings.
Where a winding up order is made or a provisional liquidator appointed, the liquidator or provisional liquidator shall take into custody or under control all property, effects and actionable claims of the company. The liquidator may request the Chief Presidency Magistrate or the District Magistrate to take possession of such property, books or documents and deliver them to the liquidator, and the magistrate may take necessary steps and use such force as he considers necessary. All company property and effects are deemed in the custody of the Tribunal from the date of the winding up order.
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