TaxTMI 
TaxTMI 
2019 (5) TMI 1784
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....ction 60(5) of the IBC, 2016 in the Courts/Tribunals situated within the jurisdiction of NCLT ordering the Liquidation. 2. The applicant contends that by order of this Bench, he is appointed as Liquidator of the Corporate Debtor, Gupta Coal India Pvt. Ltd., having its registered office in the State of Maharashtra. Since the company is in Liquidation, it is the responsibility of Liquidator who is discharging the duties of the Liquidator assigned to him by order of this Bench, to realise the assets and recover the debts of the Liquidating Company. For the realisation of the assets of the liquidating company including its Debtors, it has become indispensable to file CIRP applications since the debtors are not responding to the Demand Notice....
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....um of banks and the total claims of financial creditors, who are mainly Public Sector Banks, admitted by the Liquidator is Rs. 3849.20 Crores. 6. The assets of the Corporate Debtor mainly comprises of Debtors, for sales made to them and advances given to various parties, mainly for the purchase of coal and various services. The breakup of the amount receivable is given below: a. Domestic Companies: Rs. 991.58 Cr. b. Overseas parties: Rs. 328.30 Cr. c. Domestic parties other than companies: Rs. 45.75 Cr. (Individuals & Partnership) 7. The applicant has stated that Liquidator is duty bound to recover the genuine dues of the Corporate Debtor and for performing his duty, he has given Notices to the various parti....
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....tion on the court winding up the company analogous to the one, conferred by section 446 (2). Sub-section (2) was introduced to enlarge the jurisdiction of the court winding up the company to facilitate the disposal of winding up proceedings. The provision so enacted probably did not meet with the requirement with the result that the Committee appointed for examining comprehensive amendment to the Companies Act in its report recommended that 'a suit' by or against a company in winding up should apply notwithstanding any provision in law for the time being be instituted in the court in which the winding up proceedings are pending. (1) 'To give effect to these recommendations, sub-section (2) was suitably amended to bring it to its....
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....ngs. To save the company which is ordered to be wound up from this prolix and expensive litigation and to accelerate the disposal of winding up proceedings, the parliament devised a cheap and summary remedy by conferring jurisdiction on the court winding up the company to entertain petitions in respect of claims for and against the company. This was the object behind enacting section 446 (2) and therefore, it must receive such construction at the hands of the court as would advance the object and at any rate not thwart it." 10. It is pertinent to mention that the law laid down by the Hon'ble Supreme Court in the above case is not applicable in this case. 11. We have heard the argument of the Liquidator and PCS representing the Liq....