https://www.taxtmi.com/caselaws?id=99584 Misfeasance proceedings initiated by the official liquidator under section 543 of the Companies Act, 1956 were held not to be a "proceeding for winding up" within section 35 of the Sick Textile Undertakings (Nationalisation) Act, 1974. The statutory bar was confined to a petition or proceeding for a winding-up order, so Central Government consent was unnecessary for continuance of the misfeasance action, and the proceedings did not require continuation by the National Textile Corporation. The court also permitted the liquidator to withdraw the misfeasance summons, noting that the estate and proceeds had vested for the benefit of the nationalised undertaking, but no funds were being provided to prosecute the matter further. en-us Wed, 22 Dec 1976 00:00:00 +0530 Fri, 27 Jan 2012 18:47:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99584 Misfeasance proceedings initiated by the official liquidator under section 543 of the Companies Act, 1956 were held not to be a "proceeding for winding up" within section 35 of the Sick Textile Undertakings (Nationalisation) Act, 1974. The statutory bar was confined to a petition or proceeding for a winding-up order, so Central Government consent was unnecessary for continuance of the misfeasance action, and the proceedings did not require continuation by the National Textile Corporation. The court also permitted the liquidator to withdraw the misfeasance summons, noting that the estate and proceeds had vested for the benefit of the nationalised undertaking, but no funds were being provided to prosecute the matter further. Case-Laws Companies Law Wed, 22 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99584