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Section 477(1) permits summoning persons suspected of holding company property or able to provide information about its affairs. An earlier refusal to summon original directors under another provision did not create res judicata because the statutory power under Section 477(1) had not been considered. The directors were required to disclose by personal affidavits their movable and immovable assets, including post-debenture acquisitions. Technical lag on the e-bidding platform excluded genuine bidders; accepting a single intervening bid could prejudice creditors and debenture holders, so fresh e-bidding for Lot No. 1 was required.
Section 477(1) permits summoning persons suspected of holding company property or able to provide information about its affairs. An earlier refusal to summon original directors under another provision did not create res judicata because the statutory power under Section 477(1) had not been considered. The directors were required to disclose by personal affidavits their movable and immovable assets, including post-debenture acquisitions. Technical lag on the e-bidding platform excluded genuine bidders; accepting a single intervening bid could prejudice creditors and debenture holders, so fresh e-bidding for Lot No. 1 was required.
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