https://www.taxtmi.com/caselaws?id=366067 The Court recognised that it had discretionary power under section 518(1)(b) of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959 to stay a voluntary winding up. It applied that power where the company remained solvent and had a pending claim that could generate funds, indicating that continued winding up was not warranted on the facts. On that basis, the Court permanently stayed the voluntary winding up, restored the ex-directors' powers, and directed the liquidator to hand over charge and be discharged. en-us Thu, 09 Aug 2018 00:00:00 +0530 Mon, 27 Aug 2018 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366067 The Court recognised that it had discretionary power under section 518(1)(b) of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959 to stay a voluntary winding up. It applied that power where the company remained solvent and had a pending claim that could generate funds, indicating that continued winding up was not warranted on the facts. On that basis, the Court permanently stayed the voluntary winding up, restored the ex-directors' powers, and directed the liquidator to hand over charge and be discharged. Case-Laws Companies Law Thu, 09 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366067