https://www.taxtmi.com/caselaws?id=273213 Provisional liquidator appointed to preserve and secure the company's assets pending the winding-up petition, the court finding prima facie commercial insolvency (deficient balance sheets, unpaid debenture interest, cessation of operations) and no effective opposition from debenture trustees or managing agents; jurisdiction invoked under statutory powers to protect assets and enable exercise of specified liquidation powers. Appointment of a chartered accountant as provisional liquidator was ordered with conditions: furnish security, cooperate with trustees in possession of charged assets, exclusion of specified statutory powers, costs to be costs in the main petition, and remuneration reserved for later determination. en-us Thu, 04 Sep 1947 00:00:00 +0530 Tue, 12 Jun 2018 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273213 Provisional liquidator appointed to preserve and secure the company's assets pending the winding-up petition, the court finding prima facie commercial insolvency (deficient balance sheets, unpaid debenture interest, cessation of operations) and no effective opposition from debenture trustees or managing agents; jurisdiction invoked under statutory powers to protect assets and enable exercise of specified liquidation powers. Appointment of a chartered accountant as provisional liquidator was ordered with conditions: furnish security, cooperate with trustees in possession of charged assets, exclusion of specified statutory powers, costs to be costs in the main petition, and remuneration reserved for later determination. Case-Laws Companies Law Thu, 04 Sep 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273213