2004 (2) TMI 370

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....arma for the Respondent. ORDER 1. Heard learned counsel for the parties and perused the entire record of the application, its enclosures and the reply thereto filed by the non-applicant. 2. This is an application under section 446(2) of the Companies Act, 1956 and the prayer has been made therein by the applicant to allow it to remain out of winding-up proceedings. 3. The learned counsel for t....

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....ission to remain out of the winding-up proceedings subject to the following conditions : 1.That the sale of the assets of the company (in liquidation) is to be affected only after it is valued by the registered valuer or by a committee of technical experts. 2.The applicant shall thereafter fix the upset price of the assets of the company (in liquidation). 3.The sale of the assets of the company....