https://www.taxtmi.com/caselaws?id=347372 A winding-up petition is a proceeding in rem and ordinarily requires advertisement, but failure by the original petitioner to advertise does not by itself compel dismissal. The Companies (Court) Rules, 1959 allow substitution of a creditor or contributory, and the court may also use its inherent powers to protect the interests of creditors and contributories and keep the proceeding alive. Where no substitute is immediately available, other interested persons should be given an opportunity to come forward before the petition is foreclosed. The dismissal of the petition and discharge of the provisional liquidator were therefore not sustainable, and the petition was restored for further winding-up proceedings under court supervision. en-us Fri, 28 Jul 2017 00:00:00 +0530 Mon, 04 Sep 2017 08:55:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347372 A winding-up petition is a proceeding in rem and ordinarily requires advertisement, but failure by the original petitioner to advertise does not by itself compel dismissal. The Companies (Court) Rules, 1959 allow substitution of a creditor or contributory, and the court may also use its inherent powers to protect the interests of creditors and contributories and keep the proceeding alive. Where no substitute is immediately available, other interested persons should be given an opportunity to come forward before the petition is foreclosed. The dismissal of the petition and discharge of the provisional liquidator were therefore not sustainable, and the petition was restored for further winding-up proceedings under court supervision. Case-Laws Companies Law Fri, 28 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347372