Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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HC ruled that principles of res judicata apply to subsequent applications u/s 466 of Companies Act, 1956. The Court dissolved the stay on winding-up proceedings, emphasizing that mere settlement with creditors or workers is insufficient grounds for staying liquidation. The discretionary power u/s 466(1) requires proof satisfying the Court that proceedings ought to be stayed. The Court must consider commercial morality beyond creditors' wishes. The jurisdiction to stay proceedings can only be exercised to revive the company or its business, not to facilitate acquisition of assets at undervalued prices. The appeal was allowed, setting aside previous orders for failing to properly apply Section 466 principles and consider vital evidence.
HC ruled that principles of res judicata apply to subsequent applications u/s 466 of Companies Act, 1956. The Court dissolved the stay on winding-up proceedings, emphasizing that mere settlement with creditors or workers is insufficient grounds for staying liquidation. The discretionary power u/s 466(1) requires proof satisfying the Court that proceedings ought to be stayed. The Court must consider commercial morality beyond creditors' wishes. The jurisdiction to stay proceedings can only be exercised to revive the company or its business, not to facilitate acquisition of assets at undervalued prices. The appeal was allowed, setting aside previous orders for failing to properly apply Section 466 principles and consider vital evidence.
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