TaxTMI 
TaxTMI 
2009 (12) TMI 515
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....No. 242 of 2008 by which the said learned Judge stayed the previous order of winding up passed by His Lordship with a direction upon the Official Liquidator to handover the possession of the hotel owned by the company-in-liquidation to the said company. His Lordship, accordingly, stayed the order of winding up and the Official Liquidator was directed to handover possession of the hotel in question in course of that day. His Lordship further recorded that the company-in-liquidation was ready to handover a pay order amounting to Rs. 2,11,500 and as the petitioning creditor was not in a position to accept the same on that day, the question would be consi-dered on the next adjourned date. Being dissatisfied, the petitioning creditor has come....
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.... the second instalment. The said cheque was, however, dishonoured on presentation. 5. In view of the terms of the order dated 12-12-2008 and the consequent default committed by the respondent, the appellant made necessary publication in newspaper on 20-1-2009 and affirmed affidavit dated 16-2-2009 and submitted the same before the learned Single Judge. 6. The matter appeared before the learned Single Judge from time-to-time and on 17-3-2009, His Lordship was pleased to direct the Official Liquidator to take possession of the assets of the company. 7. Pursuant to such direction, the Official Liquidator convened a meeting of the creditors on 22-4-2009 where a decision was taken to take over the registered office of the company on the....
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....o. 99 was mentioned by the learned advocate for the respondent and the learned Single Judge assured the said learned advocate that the said Item No. 99 would be taken up in the list on that date. It was specifically indicated in the list that the learned Single Judge would take up Item Nos. 1, 2, 3, 6 and 10 at 10.30 a.m. and thereafter the listed of the matters would be called. 12. According to the appellant, suddenly after the Item No. 2 was called, the Item No. 99 was called on and the learned Single Judge started proceeding with the matter ex parte. The learned advocate for the appellant requested to the learned Judge to allow him to inform the learned counsel but such prayer was refused and the learned Court enquired from the learne....
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.... (3)Mere consent of all the creditors for stay of winding up is not enough. (4)The offer to pay in full or to make satisfactory provisions is not enough. (5)The Court will consider the interest of commercial morality and not merely the wishes of the creditors and the contributories. (6)The Court will refuse an order if there is evidence of misfeasance or of irregularity demanding investigation. (7)A firm and acceptable proposal for satisfying all the creditors must be before the Court with material particulars. (8)The jurisdiction for stay can only be used to allow in proper circumstances a resumption of the business of the company. (9)The Court is to consider whether the proposal of revival of the company is not only f....