Revocation of winding up admission is maintainable but may be denied where laches and waiver by conduct defeat the application.

An application to revoke the admission of a winding up petition is maintainable under the Companies (Court) Rules and the court possesses discretion to stay proceedings and revoke admission; however, the HC refused to entertain the revival of that relief where the applicant repeatedly opposed, sought adjournments for settlement, failed to press the revocation plea when opportunities arose, and thereby by conduct waived or abandoned the plea. The court found laches and want of bona fides in seeking relief at a belated stage and dismissed the application to revoke admission and ancillary prayers for stay and refusal of advertisement.

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Issues: Whether the application seeking revocation of the admission of Company Petition No. 1 of 1983 (and interim reliefs including stay of further proceedings and refusal of advertisement) is maintainable and whether it can be allowed at this belated stage in view of the applicant's conduct.

Analysis: The Court recognised that an application to revoke admission of a winding up petition is maintainable under the Companies (Court) Rules, and cited authority that the court has discretion to stay proceedings and revoke admission. However, on the facts the applicant company filed an affidavit in opposition and repeatedly obtained adjournments representing that the matter was to be settled, did not press the revocation application when the matter was adjourned for settlement and for evidence, and thereby by conduct waived or abandoned the plea. The Court found considerable laches and want of bona fides in seeking revival of the plea at a belated stage and declined to consider the application on merits for that reason.

Conclusion: The application to revoke the admission of the company petition (and related prayers for stay and refusal of advertisement) is dismissed; the applicant is disentitled by its conduct from obtaining the relief.

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