Terminal gate verification for transshipment containers shifts to operators, while Customs controls and discrepancy reporting requirements remain mand...
The HC held that the Company Court's statutory jurisdiction under the Companies Act is confined to supervising winding up, realising company assets, adjudicating creditor claims and distributing proceeds; it is not a forum to shelter personal guarantors from independent recovery proceedings once liquidation has attained finality. After the winding up order, appointment of a provisional liquidator and Official Liquidator, sale of company properties and distribution to secured creditors and workmen pursuant to court directions with a fixed cut-off for claims, guarantor liability remains independent of the company's liquidation. Guarantors must pursue remedies in appropriate fora; the Company Court cannot restrain creditor recovery post-liquidation. Appeal dismissed.
The HC held that the Company Court's statutory jurisdiction under the Companies Act is confined to supervising winding up, realising company assets, adjudicating creditor claims and distributing proceeds; it is not a forum to shelter personal guarantors from independent recovery proceedings once liquidation has attained finality. After the winding up order, appointment of a provisional liquidator and Official Liquidator, sale of company properties and distribution to secured creditors and workmen pursuant to court directions with a fixed cut-off for claims, guarantor liability remains independent of the company's liquidation. Guarantors must pursue remedies in appropriate fora; the Company Court cannot restrain creditor recovery post-liquidation. Appeal dismissed.
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