https://www.taxtmi.com/caselaws?id=197391 The Court dismissed Nilkanta Kolay's application for a stay of winding-up proceedings under Section 466 of the Companies Act, 1956. The Court confirmed the sale of company assets in favor of Shiva Shakti Iron & Steel Industries for Rs. 9.25 lakhs, emphasizing the importance of compliance with statutory duties, interests of creditors, and commercial morality. The petitioner's failure to defend the winding-up proceedings earlier and lack of concrete grounds for the stay led to the application's dismissal, allowing the purchaser to proceed with their plans for the factory. en-us Wed, 30 Aug 1995 00:00:00 +0530 Fri, 05 Jan 2018 12:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197391 The Court dismissed Nilkanta Kolay's application for a stay of winding-up proceedings under Section 466 of the Companies Act, 1956. The Court confirmed the sale of company assets in favor of Shiva Shakti Iron & Steel Industries for Rs. 9.25 lakhs, emphasizing the importance of compliance with statutory duties, interests of creditors, and commercial morality. The petitioner's failure to defend the winding-up proceedings earlier and lack of concrete grounds for the stay led to the application's dismissal, allowing the purchaser to proceed with their plans for the factory. Case-Laws Insolvency and Bankruptcy Wed, 30 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197391