Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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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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