TaxTMI 
TaxTMI 
1967 (9) TMI 72
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....This is a creditors' petition for an order for winding up of a company registered under the Companies Act, named Chitale Agricultural Products Ltd. The petition is based on the ground that the company is unable to pay its debts, and in support of that contention reliance is placed on the provisions both of section 434(1)(a) and of section 434(1)(c) of the Companies Act. The petitioner has claimed....
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.... subsidiary company. It is not disputed that the said subsidiary company has not yet even gone into production, though registered as far back as the year 1954. As against these assets, the company has liabilities to the tune of Rs. 60,12,285 as stated in paragraph 6 of the affidavit dated August 18, 1967, filed by the petitioner in reply to the judge's summons which was already disposed of by me. ....
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....wever, submitted that the court should, at this stage, instead of making a winding-up order straightaway, merely appoint a provisional liquidator in order to safeguard the assets of the company, and in order to make arrangements for prosecuting the appeal filed by the company in the Supreme Court which is still pending, and on which, according to Mr. Mistree, the fate of this company depends. I do....