2004 (1) TMI 386

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....above application has been filed praying to appoint an Advocate-Commissioner to call for offers and sell the schedule 'A' property and deposit the sale proceeds with the applicant. 2. The applicant is a creditor of the respondent company and he submits that as on 26-7-2003, an amount of Rs. 49,15,833.90 is outstanding and that no prejudice would be caused to the respondent if the 'A' schedule p....

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....Act, an order for winding up a company shall operate in favour of all the creditors and all the contributors of the company, as if it had been made on the joint petition of a creditor and of a contributory. Hence, the applicant, in his capacity as a creditor of a wound up company, cannot repossess the property, which is in the custody of the Official Liquidator, without adjudicating the claim of a....