https://www.taxtmi.com/caselaws?id=98559 Section 442 permits a company, creditor or contributory to seek stay or restraint of proceedings after a winding-up petition is presented and before a winding-up order, so a creditor had locus standi to apply for relief. Attachment before judgment was held not to be attachment in execution and does not become execution merely because a decree is later passed; section 537(1) applies to execution-type steps taken after commencement of winding up. Garnishee and sale steps therefore required leave, and the attaching creditor acquired no secured status because attachment creates no charge or lien. The court exercised its discretion to preserve assets for pari passu distribution and stayed further execution steps pending disposal of the winding-up petition. en-us Sat, 05 Oct 1968 00:00:00 +0530 Sat, 21 Jan 2012 11:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98559 Section 442 permits a company, creditor or contributory to seek stay or restraint of proceedings after a winding-up petition is presented and before a winding-up order, so a creditor had locus standi to apply for relief. Attachment before judgment was held not to be attachment in execution and does not become execution merely because a decree is later passed; section 537(1) applies to execution-type steps taken after commencement of winding up. Garnishee and sale steps therefore required leave, and the attaching creditor acquired no secured status because attachment creates no charge or lien. The court exercised its discretion to preserve assets for pari passu distribution and stayed further execution steps pending disposal of the winding-up petition. Case-Laws Companies Law Sat, 05 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98559