https://www.taxtmi.com/caselaws?id=100314 An application for appointment of a provisional liquidator under section 450 of the Companies Act, 1956 was found not bona fide and equitable interim relief was refused. The Court did not decide the objection that such appointment was available only after admission of the winding-up petition, and noted that the petition had not yet been advertised, so the rule against multiple winding-up proceedings was not engaged. On the merits, the company was said to have faced only temporary financial distress, had settled with most creditors, and had already paid the first instalment under that arrangement. The material relied on did not justify the drastic relief sought and suggested pressure for immediate full payment. en-us Wed, 10 Feb 1982 00:00:00 +0530 Tue, 31 Jan 2012 18:32:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100314 An application for appointment of a provisional liquidator under section 450 of the Companies Act, 1956 was found not bona fide and equitable interim relief was refused. The Court did not decide the objection that such appointment was available only after admission of the winding-up petition, and noted that the petition had not yet been advertised, so the rule against multiple winding-up proceedings was not engaged. On the merits, the company was said to have faced only temporary financial distress, had settled with most creditors, and had already paid the first instalment under that arrangement. The material relied on did not justify the drastic relief sought and suggested pressure for immediate full payment. Case-Laws Companies Law Wed, 10 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100314