Court Rules on Company Winding Up: Land Shares, Asset Report, and Payment Resumption to Deposit Holders by May 2024.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The Court considered the winding up of a company, seeking release of lands and claiming rights in the land taken over by the Official Liquidator (OL). The Court estimated the company's share contribution and market value of the lands, determining that the company would be entitled to its respective shares of 50%, 37.5%, and 25% in the Talan, RSEB, and Gulab Bagh lands. A valuation-based approach on these shares was deemed a mode of compensating the company for the value of its share in these lands. The Court declined to direct any adjustment of the claimed amount of Rs. 47 lakhs, as it was not an admitted sum. Regarding the sanction of the revised scheme for compromise and/or arrangement u/s 391/394 of the Companies Act, 1956, the Court dir.........