https://www.taxtmi.com/caselaws?id=107995 Where a company was served with winding up petitions, filed detailed affidavits and financial material, and was heard at length, the requirement of notice and opportunity under section 450(2) of the Companies Act, 1956 was treated as satisfied; on a record showing serious financial mismanagement, liabilities far exceeding assets, and doubtful receivables, the admission of the petitions and appointment of a provisional liquidator were upheld under section 443. Remarks made against the Reserve Bank of India did not amount to an adverse finding, so cross-objections under Order XLI Rule 22 CPC were not maintainable; the proper remedy was expunction before the Company Court. en-us Fri, 06 Jul 2001 00:00:00 +0530 Wed, 28 Mar 2012 12:21:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=107995 Where a company was served with winding up petitions, filed detailed affidavits and financial material, and was heard at length, the requirement of notice and opportunity under section 450(2) of the Companies Act, 1956 was treated as satisfied; on a record showing serious financial mismanagement, liabilities far exceeding assets, and doubtful receivables, the admission of the petitions and appointment of a provisional liquidator were upheld under section 443. Remarks made against the Reserve Bank of India did not amount to an adverse finding, so cross-objections under Order XLI Rule 22 CPC were not maintainable; the proper remedy was expunction before the Company Court. Case-Laws Companies Law Fri, 06 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=107995