1999 (2) TMI 486

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.... J. - The petitioner, Antariksh Credit and Commercial Limited, having its registered office at Fatehpur, has filed this petition under section 433(a) of the Act on the basis of a special resolution passed by its shareholders and the board of directors for winding-up of the said company on the ground that the company has become heavily indebted and its business has been seriously affected resulting....

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.... the allegations regarding fraud and cheating, learned counsel has invited the attention of the court to certain decisions (The reference appears to be to Bachharaj Factories Ltd. v. Hirjee Mills Ltd. [1955] 25 Comp. Cas. 227 (Bom) and Bombay Metropolitan Transport Corporation Ltd. v. Employees of Bombay Metropolitan Transport Corporation Ltd. [1991] 71 Comp. Cas. 473 (Bom.)) of the Bombay High Co....

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....in this case. The office report shows that the necessary steps under rule 24 have been taken by the petitioner and the petition has been advertised. I have heard R.P. Agarwal, learned counsel for the applicant and the official liquidator. As already noticed above, the petition has been filed under section 433(a) of the Act that the petitioner-company has closed its business and it is heavily in....

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.... be taken against the ex-directors of the company or any other proceedings initiated before any court, forum or authority, by the creditors of the company or any members of the public. The official liquidator shall not be held responsible for any action or misfeasence by the ex-directors or responsible for any amount due to any of the creditors of the respondent-company before the assets are sold ....