TaxTMI 
TaxTMI 
1977 (3) TMI 97
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....siness came to an end in 1962-63. On 15th April, 1967, the shareholders held an extraordinary general meeting and adopted a special resolution sending the company into a members' voluntary winding-up. The applicant, Shri S. P. Sood, became the voluntry liquidator of the company. The voluntary liquidator realised all the amounts due to the company with the result that Rs. 34,032.28 are now with him as per the statement of accounts made up to 14th April, 1976, annexure "C" attached to the petition. There are two shareholders of the company-Mrs. Leela Puri who has one share and Movies Private Ltd., which has 341 shares. The shareholders held a meeting on 9th August, 1976, resolving that the voluntary winding-up should be stayed and the court s....
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....ditor may apply to the court- (a)to determine any question arising in the winding up of a company ; or (b)to exercise, as respects the enforcing of calls, the staying of proceedings or any other matter, all or any of the powers which the court might exercise if the company were being wound up by the court." The wide language in which this provision is framed seems to suggest that the power of the court in relation to winding-up proceedings, which are exercisable while a company is being wound up by the court, can also be exercised in the course of voluntary winding up. The submission of the petitioner is emphasised by the terms of sub-section (5) of this section, which reads : "A copy of an order staying the proceedings in the winding u....
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....] 2 Ch. D 174. In that case, the court detailed various points for and against ordering a stay of the winding up and decided that there was no ground for staying the winding up on the facts as they were. The court, however, observed that, at a later date, the official receiver could report whether all the liabilities and creditors and contributories had been settled and the debts had been paid and whether the members were prepared to reduce their share capital by surrendering and cancelling their bonus shares, then the court would "as at present advised be prepared to stay the proceedings in the winding up". Thus, there is no doubt that the court does possess the power to stay a winding up even when it is a case of voluntary winding up. The....