2001 (3) TMI 898

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... circumstances it would appear to me, that appellant Nos. 1, 2 and 3 have supplied tobacco to National Tobacco Ltd., Duncan Agro Industries Ltd. and National Tobacco Limited referred to as DAIL and NTC in the judgment were amalgamated, by a scheme of merger which had been duly sanctioned by an order dated 18-1-1978, of the court. Thereafter, the appellants supplied tobacco to one TABAC impleaded in the petition, and DAIL, on the understanding or arrangement according to the appellants that DAIL would be responsible for payment for the supplies, though invoices would be raised upon TABAC or the Tobacco Division of DAIL. A sum of Rs. 60,24,689.32 it had been contended by the appellants had become due and payable by DAIL to the appellants afte....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... or make such modifications in the compromise or arrangement as it may consider necessary for the proper working of the compromise or arrangement. (2) If the court aforesaid is satisfied that a compromise or arrangement sanctioned under section 391 cannot be worked satisfactorily with or without modifications, it may, either on its own motion or on the application of any person interested in the affairs of the company, make an order winding up the company, and such an order shall be deemed to be an order made under section 433 of this Act. (3) The provisions of this section shall, so far as may be, also apply to a company in respect of which an order has been made before the commencement of this Act under section 153 of the Indian Com....