https://www.taxtmi.com/caselaws?id=440915 The court directed the release of land to two applicants after verification, pending disposal of machinery by NCLT or IRP/RP. The application by M/s Natural Oil and Gas Services Ltd. for machinery release was referred to NCLT. The winding-up petition was transferred to NCLT, as requested by secured creditors PNB and SBI, since the process was not advanced. The Official Liquidator was to maintain control of the company's properties until NCLT's further orders, with expenses to be reimbursed by PNB and SBI, who could claim them as part of the debt. en-us Tue, 25 Jul 2023 00:00:00 +0530 Sat, 20 Jan 2024 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440915 The court directed the release of land to two applicants after verification, pending disposal of machinery by NCLT or IRP/RP. The application by M/s Natural Oil and Gas Services Ltd. for machinery release was referred to NCLT. The winding-up petition was transferred to NCLT, as requested by secured creditors PNB and SBI, since the process was not advanced. The Official Liquidator was to maintain control of the company's properties until NCLT's further orders, with expenses to be reimbursed by PNB and SBI, who could claim them as part of the debt. Case-Laws Companies Law Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440915