https://www.taxtmi.com/caselaws?id=108371 A creditor's separate winding-up petition under the Companies Act was not entertained where the same company was already declared sick and a final winding-up reference under the sick industrial companies law was pending. The court reasoned that, once final winding-up proceedings were already in motion, there was no practical basis to proceed independently with the creditor's petition because the creditor must establish its claim in the collective winding-up process before the Official Liquidator alongside other creditors. The creditor's claim remained protected and could be proved in those proceedings in accordance with the Companies Act, so the separate petition was disposed of. en-us Wed, 22 Jan 2003 00:00:00 +0530 Sat, 31 Mar 2012 12:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108371 A creditor's separate winding-up petition under the Companies Act was not entertained where the same company was already declared sick and a final winding-up reference under the sick industrial companies law was pending. The court reasoned that, once final winding-up proceedings were already in motion, there was no practical basis to proceed independently with the creditor's petition because the creditor must establish its claim in the collective winding-up process before the Official Liquidator alongside other creditors. The creditor's claim remained protected and could be proved in those proceedings in accordance with the Companies Act, so the separate petition was disposed of. Case-Laws Companies Law Wed, 22 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108371