TaxTMI 
TaxTMI 
2000 (8) TMI 1052
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....Times Guarantee Finance Ltd.-Company Petition No. III of 1997. (iii)Magma Leasing Ltd.-Company Petition No. 1 of 1997. (iv)J. G. Finance Ltd.-Company Petition No. 38 of 1997. There were certain secured creditors also, namely, IIBI, PICUP and Syndicate Bank. A-26 is an application by the company in question through Vinay Kumar Jain, promoter and the erstwhile managing director of the company with two other applicants, namely, Raj Kumar Jain and Ramesh Kumar Jain, with the prayer that the winding up order dated August 16, 1999, be recalled. The application is supported by the affidavit of Vinay Kumar Jain the promoter and erstwhile managing director of the company. In short, the case put forth by the company (in liquidation) is that it has....
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....opy of a settlement deed with the applicant-company) (ii) page No. 369-A to 369-C (affidavit of director of Orchid Securities Limited signifying "no objection" to the revival of the applicant co. 2. Raunaq Finance Ltd. 20 of 1998 S. A. 1 of affidavit A-31 (affidavit of Director of Raunaq Finance Ltd.) signifying no objection. 3. Times Guarantee Finance Ltd. 11 of 1997 (i) Page No. 298 (copy of settlement deed) (ii) Affidavit of the director of Times Guarantee Finance Ltd. signifying "objection no" (page 353) 4. Magma Leasing Ltd. 1 of 1997 S. A. 2 of affidavit A-31 (copy of settlement deed) 5. J. G. Finance Ltd. 38 of 1997 Page No. 344 (copy of settlement deed, Affidavit of director of J. G. Finance L....
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....n note of which provides for an order for winding up a company shall operate in favour of all the creditors and of all the contributories of the company as if it had been made out on the joint petition of a creditor and of a contributory. Having regard to the facts and circumstances narrated above to that certain payments have been made by the company (in liquidation) to the creditors who filed winding up petitions before this court and its proposal for settlement and scheduling of payment with the secured creditors (PICUP, Syndicate Bank and IIBI) is under consideration and none of them has opposed the revival of the company, I think it just and proper to keep the winding up order in abeyance so long as the proposed settlements are implem....