2005 (8) TMI 744

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....d by the U.P. Stock Exchange Association Ltd. 14/113, Civil Line, Kanpur, to wind up Vegepro Foods and Feeds Ltd. A-2, Industrial Area, Kalpi Road, Orai, Jalaun, a company registered under the Companies Act, 1956 with its registered office at A-2 Industrial Area, Kalpi Road, Orai District Jalaun under Section 433(1)(e) of the Companies Act, 1956, on the ground that in spite of statutory demand not....

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....ection 15(1) of the Act of 1985, the provisions of Section 22(1) of the Act will come into play, and that the proceedings of winding up did not lie and are liable to be dismissed, until the proceedings under the Act of 1985 are concluded. Sri R.P. Agarwal has relied upon the judgment in Real Value Appliances Ltd. v. Canara Bank and Ors, in which it was held that the word 'may' under Sectio....

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....in Sponge Iron India Ltd. v. Neelima Steels Ltd. as well as the view of the Orissa Sponge Iron Ltd. v. Rishabh Ispaat Ltd. (1998) 2 Comp LJ 99 (HP): (1993) 78 Comp Cas 264 (HP) were thus approved. He further submits that the winding up commences on the date when the winding up petition is filed, and as such, under Section 22(1), the bar created by the Act of 1985 will operate even to the proceedin....

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....sion of the reference under the Act of 1985. 4. Sri Manish Goel, on the other hand, submits that in this case, the company petition was filed on 13.1.2003 and the respondent company was declared a sick industrial company under Section 3(o) of the Act of 1985 by BIFR on 19.11.2003 and thus the proceedings should be kept pending and stayed until the proceedings under the Act of 1985 are concluded. ....