M/S Nijinoy Trading Pvt Ltd vs The Revenue Officer on 6 April, 2011

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Karnataka High Court

M/S Nijinoy Trading Pvt Ltd vs The Revenue Officer on 6 April, 2011

Bench: Aravind Kumar

IN THE HIGH COURT OF KARNATAKA, EANaALQV:e;v $H_

DATED Tms TI-IE em mw OF APRIL 201:1"-9   .»_. A' 

B E F C} R I?

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8. In reply S1*i.If)et3p2:.k, §E:213f:;1'c:»\A'.,i " 'A appliir/ar1'£, wauld c<:m't:er"1€i i'.I':a':fV§'EK§hé: 'i:}.2§i1"£1 respondent. is to be a.I1<>}xrec}_ is make p21yn1er1t d.if€Ci'1j,?,V ;: <:);3i{re1r§F H: the:

p:'<::2.-*i$ior1s of §H*'>é§3m«.'>"

wouid be amivizzg at":

the Ciectisjog}, _€fE2§:' p1:"{).X5"i{~'3.1'_(:)£'-Z1_E§ %:>'£i...(j_(;f11pe1;'1i<3ss: Act wouid "hnwn {tn LLVM, zxava. LU L.n;,--

app.Ei£:=.{E, atéeiéiﬁ-..gzsffirsfg :*e_S'p<}ré1{ieI'2'€; wzméai 'mi gmzerned by ~ etiaause 24 which }'1as bﬁéifi }:~1"c2sss<3ci ir1_£'.<3 SE%I"%;'§.(3é*, ':33: f§;'«@:1ic:»r {fi014:z*::e;s;%I wmiké. moi Came to t.I*1:? 1*es3<.?ue of iifssig rs:sp<>'n{1e3'r";t: SSi§T1{i{3f {I163 W(T)£'d;'.%; L::.5:~:<-sd "if any tine"..~:?1§:r§%::i.j* w0LzE«:i mean axmi illdélﬁiﬁ 0111:: smtth a:11z;}t.:.:'1_¥:___§i._i;£-2:: 0:1 ' {her déi't.€3 of <-3x<:cut:.i<m of sale (i<:ﬁ:%€i Q1" f3l§21;'1iiAi£:.g"--<>*e2i_§:%if A' §3OSS€'.S£-£1011 of 21855::-1.5 of i:1"1c*;_r C(T§I11p2II1_Y" in §..i{}1;:i_d2ii;i(>:'::' which {§V€1' is €:.a:'iier. in su'pp<)£"£2.._{if his s'L.2bf11i3si%;m he: 'r<~3Eie$ upon the foi1<m-Ting; §._L£'dgI171e11é:.: ' "

1. AIR 1995 SC 1 1, ~ '£'z1t:;1...C::é£11:E'a.1f Vs' U11i_"@?:j_; bf {:':::i1".e1

2. 2006 i132}_ C«:é§f:1_.p.V€j:g1s;€e=.§ €§§{%';':.V'1(I'i3VV(3tié;'?321§,f} ~ Anchor H:-raiizh anci Eijﬁicéeiﬁiiggf -.;:u':':;§ "gmr VS Municipai Corpormi'0:5i"{;f.Gire21{.:E%15* Bbnibzly éif1':i' ﬂ<>{:11erS

9. H_2:é*'§--':1g .h.@'21.:'d';§é;s:.;f.;f2€<;i Adv<><:;:€<3.£:; ;21;3pe21rir1g far ..~§3g:.3°%;i.::§_5~;j,'£:h_§% fgiim>x}i:'2g§._peésizliiss 2fiI'3::'.-SE3: fzizr my <:z:>:3si{i€:rEit.i<>n igzg 't§~"§iE> ~v?1§}'§_}}§£*é1§;i(§1E., 7{'_§.} 'i?2!§ié§;>E.E'";<:3s° ghzs Aa,1£:%3€>r§se'vm ' A-Iiiziziatigzii C(3m'::t§."L Eia1:*§}:2?a' Li?" fi::<i=;€T '~z"é%$_;}«:>m'§€:::.3.§; Easarein is; §:'z':':':§t:'Ee{§ ix: issssm .<s{:*2§;»;:.::f5:

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ES. '.I'h«i»:--_ :§c3:::'p,%1::j§r §:;"1.§.e3s;iTi(::"1 vmsss {)I'{i€I"'E3:{i "523 be "£%%'(}1§§}{i !_£§} %j}_.-I "e;)1fV<:i§::2*AA~--.f<f'Eé-iiéci 531.6/~E~K2€}{)r-E zxrad Gffictial '<i.£:fi*§:':_::_s§:;n}fV"'«:.:mv<Ee:* ";f%€:::Eé<>z2 pi.'{}E-'i-fi%§{}§"i$'s <3"? S<x:£;i<>:'1. 4249 :1}? C<)n:g};1.:1i§:s:. '£958 is; mm. in {ii5§3:.:i:<:, S0 aim} :'1<)i'.i<:c: 'A -*«___¥;:2*s,;-*'ié:_§:1g5§",?:§;%3:'f:<§€:'3" f:*s::>:';': ﬁne: '§}Z"'€I.3%f§§§}{ffE§'{§"*v'€:'f ;;>:3:'<'%E's;2:es<%:° zwgé ?2:I;,:A:':'i;.§;i>_:fé {":{';E'§€iiE1{1fi{?{i E33; €}£"§'ia'.iaE L§<;L:%<.§2;s:'.<;r {Tm €f}?L §.2'20G%§ the bid 1"11a.cie2% by 'ihéf zxppéinéesztat. fhis.-'3 {E<_';uri" by arrcierr dated O?..€}3.2{){}9 has; 211530 <:%c>I_'1.f'iz"rr1<:n:i1 Théi 552:-aie in i"e21v<m_'r Q15. Vti.£'1..§:%T~.V_ 21ppl§.(:a':1E *0}; }::21sssei1'1;;:; {}1'{i€?fI"S 0111 CA. 193 /' 200$?'

11. Haw-'i11g cf:<3:1i'i'r:rn€ci the $aE£?*,»--A»{.'3_f'fi:::i:3I 1;iC;ii;Vi»ri:itgj';*.V was permitted to ex:e,c:ui',e the $2119 <?E§:e.d_ T21i1(i E"1é£::*2..€i the: 0f the company -,§';.._1iqL£"i:ig1_i3.i€;;iP:

Liquidator has handeci §)§..{:f::r the c<>m'pa;2y in liquidaiirfm f.<3'i§'_;€% Q4.03.2009, which is evid:%n§; Ei:a11ding €}\.-'€§I."' 21:'1(i¥ i2z1:ii1%§§:_'"---- ,::_n }_iqz1ic:ia.tiem by C)ffir:;iaE .Liq'i.ii{i.'a.€f;}:° 1;c§:f%;,}'"1<;é "a.pp1:(::1ﬁ ii;

§f{€::_ 5P<>:i:'f:_Lif" N6, 1 _ E_.E;:;=;'i.a=.:f Se§:%.§{3;":'V45E§ 5%" éftae {:{}E"H§3E1§1i€S .»"3s.<:1, the §I:i€}§Z;Ef§?§'i;E." 'ij:§'1:;>,M ':2?§.:1:§.i.:1.g 1.: E3 E22259 §}E?€'i'1 Eéiéiﬁié? gr p:f<:vi$i.<ma} ' §§"(§_i}.i{§é3;§',{}f ,E'1;:1éég;, Eéeerz 3.ppo§nte3:ct% zmd §;1{f}§-5S5€;'?E:ESi(}'£"i ef ihfi " <;<}':rnp:aa::1j§_.§ .3§.{§E,§§€i&1E'i{3'I'E $3 ézrsken to tE"::=?: a::..:s'::{>c£:g axfgci "':jé3':§{.:°»:§§E"""' ai" €Z',}f§§{:i2:§ L§{§:.£i{i§2}iiIei.§§'2 aéi .as::2{'%'Ez g:s:*{>;3a:ri:;,, 'I §.

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'i'<::1"i:ifie:<.i by sei.a€;1,1t.::>ry p'1'0vi$i«:311::«; <:>{ -th'::;%---(;?<>:--f1p;1Iiie<s .A:':tf'_ xmmely Sec:t:ior1 448 wlm-r€:1.::1cier ii: :11é:--1fi<121t:eés._t.i:aa'£;.

Eegal p'1'(}C€(-':d£1'1gS c:0mn1v5:n+::eci (3?-.L.;5"e13.d.ir1g'an..1:l'ié£* éf'1f«1'é'.é":jf wmdiilg up 01"«:;1<'-:r {E2131 bc'i?1}>:>c:e<éde:£. csriijd.' w'iﬁ:h iihm:" ierave of t'.h¢:% Court and subjectt. H5. su{v:;vh' =:;1§a'v__C(s:1rt. may impasse. Secft:i0r;~£L%'§«B ":--"r3z:1é1s V=im"d€§r: "- .. _ "{1} Wluign :1"'Wi.I":ti-%:i1g:-igfi"{:.rg3er*._he1s basil made-3 01* the._.TOffi.¢i'a1"i1--:;L:i,qu_iC£ai1«;)f «hva:ssV.§been 21pp0:iI1t,ed as }:V%r<3x;*iéi<:r:i;11 iiVqu.id£;.1;i3r, :1_0é'L1it or <::i:Ef1.<3:'r Eegai ;31'Q<f%:;3,ec71i:*1g; §<31:{;:1}§ he "c.:{j£1<:.I11«:%r:£:<-éci? 0:' if pendixag 211'. the 'date ._<:5f.. *.vii1_dizi:g~11p ()1"d(f:?}:', sg}1a}l be proceeiiétédé with. ;ng:;1i:3:i%si. tile céornpany, except. }j;p.;- ..§e;:ve~2W@'>_{ €.h:3 éfoairti e::'r1d szzbjeci. is such _-i':t'::.f'm:é' as» thé "{;f1€.>..}i_§_1_T'€.'.v may im'p<3s:;z:»é'Z §(:"3; -.4:ES-f;e*:5§'-.3:§*é.hé::zfw§s3c, if any pz"<:><éee<ii:1;§S "have V {~:1ra%::.€i'5,z 'E3,+;:'s:f::, «-'i:1i*{;.iai:'@z:i E-guch pr=;}(:<é<;:<:'§é1':;;§s v;;<3':«:}E.%(i:ed 'é.h3i. {this .:::E: "éiir1§é'{§e:3%:51:f}E:1_z11":;.r in Eiq:::ia:i21i::£m: ifaﬂlﬁ? to be §"12*:'1';<i€:<§ <§vc:":;f an {}~'§,{}E§.20{}9, A}: 2'.'E2.€.= §3EH"'§ii€;§S 'U3 27;p§':'i*c;z::.'{'.1é<3:":.$ are: at 21e:i~iciem an 'this; i:<:s=:3L3e3. if is .A._ai3':§'L.%.'.2_";'»'x.Vﬁi§;;'£;.':"<.%2i£§:§%z" §.a:; an iE8¢{}E:'«.2{}}8 2:: 2'2.<:;§':_£{*<;% :*<--;%f€.r:"@{§ m

--..:§;£.:§3:i:'»: <f:;'-mzzir 3:": be ésgssméai 3:5,? f§:"é3i, :"{%8§;<:2':'1{£a*:r:'t: :>z?:.§E§.;'1.;,§ 1:}. in tihe ir:.<.=,:t.a:'1£: (f'.£:':E~3€;T* firsi 1"t':sp<1m(ier:IT had issued 21 1'1{3't:ic:£% (E12'1tee:i §.3.£8,08k2{31U {:"mne:x:'L.:I'e:.--E3) c'a1}iI'1gg ii1'1:;é app1.i€.:2t«u'1i: to pay an amcauzuii of "H, 1213 11 :_.

thés €?£'£;F€3f£ifS 01" ;)r<)p€r'i:y t:e,:x; E31' E315p§%ri(><i_-*2;§f§E§.e:2'§:EOV whet': t:h<':: :s1pp1ic21I1i offered pa}m1e11*{:'».__it. \je'2;:.«s;:.:' z"'£'«:.:.t.'.'.: :3 A' by first respondent. on 't:he 21pV§'3~'1~i.(§Vé':::'1Vi. ar:re21trs--3 21150. On ac:(:ou:f;i. of z1;f¢:>:I:iA-;%:;:;;1.t»:_v pay ar1*ee11's e<>I1i',<--3:1di:r1g t.hai délifi of handing aver fby Official Liquid21t<):r 211":§d :.?§?v"ii;':f3T'i; 'i%%§5;3<);.1cia%11t has

3.t'i:2:u::1?1:':ci .._<:r;i;--».j§*..'I:"3;;% <"'<)r;f§4pV:a§1y in E.iqL1idati_:3r1 by if-}f£«L£iI"1§ :<1(>i)iC@ cia,t;r3<:i 2?CO9.2OICi EAnm:*.XLs.rﬁmC}§'.Lf£_'1m$.._i2iA._€;}L';i§§"ba(:k;§§r<}ur;:d when the. fact.-S 1 .r:;%$pa}%':d6:._it.' v 'ﬁiéiii it <:rr:1;3<>axrs;%:"e{i to (thaw: €£'E'¥'€;?:aE"E€~ G? "'f&{iu:'1T§L;:ipaE" '::a2<: fmm 2a;3pi.E<:az1iT by 2:'i.£'.(:'§1:p'é:é§':;_;j to reégz u.;3<>':2 ._ {:E::V:,.a:3;€é 24% {sf §€"E"£3'iEf~% aizci :if€I}3"§{?§i.?;,E{.3.{"1i>i'> of 3'1{.>i?_i<s€: §m*1?.£:%:'1;g I9 pI*0Vis+;i<ms3 of C<)r;'1'pa1'1ie3::"e; Act: or ii: <12=£uf1:1.{'>'i' 'mi héstid i"i1"ssi' :*€:s;;pc):'1£i£31'1i: Ixaii {<1 sec-:.i<; 1€ZfE,1\/"ii? 0'1" t:.1'1e C<:)mpa:u'1y C§,§1j:%fj;.. Hc.m.rexn3:* it wouid bi? z'1£:(t:e:<.;:;2:r}: in {}31):4%t?'I.'V€f __ «' '' }u.:'1<:i;1.m"3 it'.saae1f'i,h21t_ 0:11}? in {he &éx?n:=:;1¥: <;f propertiéss of the c:ompa:1y {in liqui{i,:;1'i;4ii:)A2<1«§ : 1'1"2;ELC.1 : ; .' hE11'1£i€d over H} the app1iC211'1é"f,_ xx.fi1::_£§i ha '.E;@'.€3..??}3fii'§::

i.n<:ur:1be11t: 0:1 a113..r au£;h0ri_i.y or .j%§«:},j:'v_'1'Ci_t,1£}.1"?.'i1'%V¥E£g{.i:'{.LifVii()1"i to seek leave: of the Compzaxig-V£T:>t:1;fi:{.bf,ej :1§_gainst the prgwperigy or e1s$et§_ g;f__ Ass anuch Qfi iéaxts E55 .21:1sure1_*ed.----~i--n_A Vfhéé ";:a,jA_£i"1'.'i_1*;13§m?._;iV*5.:-'<;*':' in i'E1v<;>L1:"° Gf ﬁrsi: rz-3&:p(>£1de1m',. ' ' %3W? ?

RE:-; 1?oi:ﬁ L§I_(:é;2 ' ' «.35. _£{3».s;_§a§ §$su{% wh.ich I"E*q1.i§}:"€S ta': '$.39 a<'1€ire$st:*:::2$<;%.1 ___"f:T:'2::_:'"é§§.%s{"E €.§'x!iEE' ti} e?:;>§':§§{::;::.:'2'i. E3}; €I}ff:<i.ia§ §.,%{:;:..2_§s:i;-1"'£',<>:" t:-grad ix.) D3

2..C>O2--20G3 to ZOOEFLQOOQ a.r2{.1 200'i~»f30()2 :'e:s}3<:%ctt:§x7c%.}§g from the ci:<)z11p21.11y in 1iq1.:idat'.:T<7>:'L It wcmid bi'? E)iE%E'1.€1'fi*'*."V_V I"i(_)tf3 at i.hi.s--; jut1.<:§u:r<: iliseif that. first:. 1fr.:2::;;:a<'):'1<:"icjg'f;.H :"

M1,:1'1i,cipaI <Zf<)1,.:'.m::i1 has 'no': zneitisa? E1E'.1_}f~~€1']_'gi}5i'E1'1 20092010 wmae loaigiiig its Qtieiégn7 I?3££%fd1*a?

Liq1,:icia.f:,¢;>I'. It for .

reSp<)1-ldezzt. has ::<>r1s(ji,.:7};s;3}'_,--EcgEi%;c:§~..__&;it.s:s' 'c>}:.airI; for p€;'Ly131€I1t of $.35: for t}1;i% with the eippiicami by is§sLz~éﬁ1'§i€? at A:me::xure--B .f_E'h<>'L1g__.§h :a_pp1i<::a11t' i.$ ssaid '""t.:3"é;cmii. &§1,.iCh &{IT1{}¥;11"i{ $31118 if-3 'tn: .'t'.L,1I"I1€'.d sgiown by fir:~:;ci:

mspcmd<_<éﬁr':i1.

» 5. §3«£:~.1:h_é23é;. __a:e; it may. A pezémsai of :'1<)i:.ic:<:-': dated 2E%»{'§f%§$?:{§'§0' Eq::':':@::s<;:_1:*{;%«§€§ i..%:+m3.-{E E33,; fi.:*:sE: yes:-s§)m'1{§€;§':':, .:a:.i«<>:2 0? $316 s;t<>mp2H':}; in E§s:;2.:iC§;'?:i.i<:f:::2 Eizwéng E'.}€:'*,€fE1 E§% %§ ?g%e?§¥€§& 3; . ' ' " wA'§;'_:":g-*:i;ZzV'";:;'§_.,_§ "233 633;: <:7:<}mpanj._; {E2-":I:1IE{§i be .%a.id that it is V V' {'0 pz1§--?**«.f'§;1r1«:~j_v'ciaséés. E': mfzajg 'mg: 0?'r<;éE€;:va1.';<::e E0 <'t<1>ns~9;§<ié2r §;h<;>.

" 1:%; i'i.:.::j<e;;: <3£-- <:%1arge which the :m1.::1.iC:ipa.1 c:<3:;:):1<::i§ is; _'a4:.]:a1.%3::ii:';g};, in i;TE'::_:=t i2'":s5E::1::"si. {:22-:'~;e<é E.E':E§~: <rm.:r"é, is zmé. (?{}£1{',€'t§"'§1{;'f{§

--._éé:E£E"i gziie car 2s:.§§€:::':.a§:§:::': m;;:.r:'§.€;% §":'::>n':: {:2::11{% _g}e3;:"$:3::": :10 there: ise 1"e>.§'<»:"1'e/:1::te in A1'11'n3:x:m*e--B, 'E."'11us: first r<::s3pc:3;'1<ic:Ié;_f

i)eix'1g zawzwe of t:.he:~ facti. 8:211". posss;es;:+sia:>rT1 1'1231vi:2g 1'1z,m::i:3{i cawzr by {)ffic%i21}. Li<_;1,zi::.iat'.c>z* to ma c::s:::n.$<:i.(:n.:s3.y ciid not raise $115; chin': §1ggf£1i':.1«<5i"_ 3'18 6211:1161" yeazfs. H<)w<:ve:', in Qr(ie1 'é.::;_ to C()H€C?.f. taxes from the': 21p;)1.i€:2:':i§'w--ii: i":2.1v..<,-:»'--If..}§ on the appliatziait. wﬂih f'011't} éii{';Z'f3E1I'f5 of £1212; iilciusive of %' €;'i1:Vci _,.j,:_i 1':1.A/_ :.§%£_L1"S11img its tzridezwour, it the -s¢i:_c11re r:0i;ic<=:= dated tmmirzdfui of §1"£Li£1i(?.'21p2:t1 tax said to be $116: «';?é>xxr11 Munictipai. Councii in :r€:-as-:p(:%{t*:'_.--::.sf 'aha-E. ._§3m;5€;%r*(§»-' Emld in '§_'.}'1i';). p1*<)<éa1<~3d§;1g§s; of {tézrrieci 94;;§£1§f:~..:115°'p:a9~::>§3<3:rT:.'y ané pL;_:'<:':§r1£:5e=::f w<,:su§r:i bis: ﬁabic I-V é5{g>f;'i<tV'§'éi.E.§,'-* <3-:'Ee.a1§"..t.%12:t4 "VéiII taxes, cessessg if any clue and V " ax-*'<:}2:i<:§'*-.me2;a;'1 €;"g.:xe8/}e:}:~:~;S whiﬁx 1?;<2<t:;:"m*.s gyzggeaigie an s-:»u€E':

" }':1i.'i{§ *..--£%: Wqmid 230:: sf-zauggesi ihat gm}; demancis Q21': é;.§:§':*i<3:'A' i,s:;_> -3.1: <3: sgaiic w:}:,:E.(.i 2%.E.55{7 §'_3§""§§'1;,;T i:.§;ai. w§{:h:;n 35$ . fLf1§33.E3?§'%EE§3{'f, if $42172'; f;}§"£)§'}{'3;'.=}Ti'{§.£}'§E Ev: be? a:<.:s:£g}§.a:*::£ 223$ §',IE"!;i€ <::c3:':t<31'1dir1§.g" that it. t'h:'>. b1,.1y<-31' or <}c.*<::'1.:;3it=3" W11(3 w(>u1<,i be 1i:.:2i.b1e {,0 pay 't:a.:x:.. '£'h.<:r"t? C.z21m'1(:>i' be any ciispuite {:11 i:E'1£5:~; .fas:f:t. Thé zsrsly di$pz1i£;% Wh.i{'ii"1 wc:}L1%sii 21.ri$€ :f,°1fv:;>:i;i?,_ when date Imsyer or 0(.'.Cf11pi€1" iia'L:':i%"£:e'.;: '_;3f'%1y._:

1":a:'1ci:ir1g over of p{}SS€3E5Si01'} cf the in c1'L.:esst'.i01.1 tit) 23 _p'L1rc:hase1* r'er112~1.i11s with ihe C:1.lx3i.{)f{.i3T.,V."{)fq Official I,iqa,:idat;or and it vAAE;x21::"b;__i:":.icie1t<>:'* whc": w0u.'I<:i Iiabie t',0;~'z:j;';siv<31'*_;1ny--~~£§u'r::'t*i" ¥:._'ft1(«;i.iT¢'f_:5,T-/3? which would a.1*ise $111} the ci*.at',c§-"of Vhé12T'1di'1*:§;gvL_€5'x:e21% p'Qs's43ession to a buyer and it is jfn tjiéis-,»~f;:sa.€:I«:§§19<3L;'}i1«¢:i' f;.I';ai'. é§ia:,:1se 24 <5X:£:.rz1Ct,ed hereir13.b0\}'e (I{7OL1Z1{,i '1'ﬁ:' .t'I'1'e._' r'I0%:1c<§ i1'1Vi{iiI"ig bids) is to xii? atimmca 24 wr:m:.3;r¥ ma3§:'3 ii :_;s2f_%c.i.e?,r;<->,€_:V<><){§_._ A V_ :_:t g é1.:y:aV.?:;}te ' sf properties of the company"

§ i1'1te1-pref:atiicm it \:m1.:Eci lssad to 22 S?$iIit,.I.£;iT.i{)3'} whgrts ;3:'c;w-'isi011s of Sf3C7f§iOI'} 52'E3E& and 530 w<):,1_1d m2_gai',(>1"}; am} they wmxid 13<:::%c:n1"11e. 1'ff€iL3E"1{i€11'1i..-- ::#f;é' _ 'V'. j1,1I}().i;uf€, it": w'<:v1.1.1g:1 "Ex? bem?fi'é. $0 'C"?§':'fj»}1"..5_';1s";?I"

B::>m't321y High Cmmt. in the CEZSQ :3f;»'1;A::1E.AhAt§Vr Beexuty Care I.,,'£',d..; zmd am' Vs 1'x4}_1i'§3,i(i:ip2i1vC(3'§'p{)Iéii§€§i1"{Sf G'reai.€r Bumbag! and c3th<~>;'s a*e.fe':i_ 1<<{<1' utj:»:.'su13f2:'*&v zere iii has 136631 held as under:~ 'ii abie to pay ':%i1_e.: s:i<§'n:1§.é:..c3jf_V :1 §.::.;__1i":pa1;iy;.'Vbigikyre w'i11ding up, v£;";LlbS€(11.1CI}t to p:;1:~.:_;:E12;s é 5; §3I".('3(.?i€':f;'(ﬁ'I".i§;_.{*I:§ for gzaiié of aiV"~.(?{3mps:r1:y'f:} '}.i§ft;ifi--21ti(>11. By \zi1"'£.u€ of S<;%CtZi()I{ 2;i11_;>:éggE3i:...'{ii.11e:' p0w€:1':=5 conferred 'V {E19 1iﬁta=§;c:i;§i:€>:', is izfze §}()ws31" to 55,811 V A 231:1 r11<3v21'bk3. pmperI:i=3;<~: by g3u.'eE§c " 'fSV:f~, ';_§riv'2a€,<§ c:e:)m:::'a.:%i,, wiih pavxseg' hi:

"§}'é1nsf:%§ '?:'V;E=£éé Wh.::>E(: t;'h<3z'e:a»f {<3 zmjg; §3€':'£e:{.:e1': er E§§>f:§}§' <:.:§%p<>2°2éJ§;.«:é. or to as}: i'h.::: .<;3~;22_ms: in V A .g;,:1:"{.§Ve;%%.§£;y it weuki, i11emf::::'e3x be <t:i:*.2?:_:* éghaséz V' '~:.z.:;i§.iI E1215 §}m§3@rI.§; is sszﬂzci E33; v§::*m:': 9%" S€i*iT:€1§{,'§§"§ 445$? 211$ {::E21'in:$ a;_>,$2:.i:zsE ¥:E3:;é;t ::<'::mpa2:":.;r '§:221v<: E9 i§§?§ .$'."'V?' . "

'-%5:1t:L3:1u'ﬁ5:_d tV§""E:'aVde fmm the compangfs ' : "3~:zr¢:*:f:is%s:gM. 'ix§1ti§ June 36? EQQE, it was; heid . A%"T:§¢;e:%ée§§%:%1VA%__b§§":he Chancary Eivisian 95 the '%£faz:".:§a:ﬁ*ie$ mar': $13': the aiaizn af the re.§;-3:Q 'i2d.en: axﬁriich aacrueﬁ befare a:;i.:':éi:*}g 'am -9 " éfifﬁzé .{:@:::.p3;':§? bafzgre the cammencemeyzi sf ﬁ;}€ wiizaizzg ":2? had m be yawn far :1": $16 28 be fiieé; bﬁffsre the £:iqui.da.ta0:1". C0r1side1*'i:ag the scheme of the Compa':::i€:S ﬁat I19 a<::i::i0I1_ » _ '~.._ r. czjuid be taken againsi the assetg sf €;§'£'?€ company without making leave {if 'A c0mpa'r:z.y ceurt and jaining i}jr€'A'1i':";21i;d;'§i:0_§ff"

E3Ei:r'i}"' to '€116 ¥'i'C;:3€€1Cii1'1§~B. Businesg Centres Ltd, VE1i;LdeVs -,_x}C Lﬁfldoﬁ Cﬁammcrn. C0:1nci"i,;V.,:._'ti:e i$V5s2.;.e °x$.§'a,s ',':E W110 had ta "pay the rates* ué;<:*.grue§:1 Vdufév before the x2ss3',r1di1"1g '1l1p1' In that case $233 I°€:'E$ }:Z'Ji;31*I':{:':1:*7?.7v1'f'1"L".VV'-.'§:V'é,é " Iﬁaiiiing auiherityj fQ4r« the City ' af Loncfqn ;L§j1e"':c0:r1'pa11y in resneéi i§.i'ti'1'ek§::ity, which the cozﬁpangz 'bf instalimenis. 03:1 O-cztobéuf' 27:19? Jc:e:2r:'1pany want into :f€«§2;:i:f:3_r_§} ..,§ii:§:"ida"fTi:3}: bani. the Hquidatﬁi"

c£;m§a::;jg*s Wiﬂdiﬁg up, Eaimarazrgzz 33$ :":r}"di;~_spi;12i;e <>x.r{3;r here: ihat: {Fm p{':i'.i£:i<)2':<2rs5; H ~_ V"?-2f;s.>:35§' i1?_1'v_s:>.,__ :i~;:§i.é: «:>i' ;:>:.1:*c:}1.21s3<% ;§12.£*2;.«'e ;3;»1.i§>eri:§; by ;::é:t'i;;.i.'z:E<i;m;?:* E'~3@. E. hééréééié E % i;%1:st:21iIrn<:zm':; faiIin§_.; due §»:>;r pa.yr11.<-3:121" 2.-2.ft.er €§)c:t:c3b€:r 2?}. 1990, had to be? pa'-1.id in full T Iiqzlidznizjzi. <3:a:pe11.s3e$, be_~%r::e1a.,z$<3 {'.§'1€f:»;' xa{e;§lé*', _"

$311118 wh.ie:th E:'ee:::211:rze cine 3.f'?.t3.'£"H' Li}fi.E:' <. ' commer1::é:n:e;1t:_ <11' €:I:'1e K¥iE1€ii1'1§; 'i;.i;3--«i:1 {if p:r<3;:r€r':'i;y crf wE':i:::':h 'this: Eic;:.::i'a*}.ai€,.%§3"~ _pc)ssé3ss:io'r3 for the p111'§)(3-E§V€;~'+ O{w33"}-ti'C{}£I'1}.9§i.i'1§;...v_ are realiy not (2OI3£Z'.€'.I'I{€'I£.i 'ﬁfijiih.

part 2-15,; it £53 £101" ?2;'1';:§ Ce.13%s<'f:m(T;f a.:;1y'{Q{)dy then'.

after t.h_<3 1.iCj_17£id£1J[1C.)t'i'V' _1'i:()<}>.}§, .ii' §>0s;=§; the bL1S_%ii'1€SE-I» of ijh=«3_ ct£>'r:1p'2::--:1y and man if <:_(V3fj"t:i:j'«§1ia;,:<-':V«:1 would "not. b<§ hm; as €;':Xp€I'iSEif5,: yV?Qf 'fii.§1t:§£ia§ffc);*V--"$18 Eiquidatioil {iT2{pV€'I}S§ifs§5.~VV.V A "

'«3i. \}vc>Lz'1{i--. be clear than in so 'f";2::"-- was '§':}'h'%... '§7'<%'{T;'i'(.i<}§'m%1."s'-; art? c?.m1<'tc1"'né:<ii *Sg.h€:};r '1$i_é£bi_1_%_§':jy~w(>L':§.§f211'i:s{% only 9:'). pL::'ch 2185:. "£'11€:r<:*. *<§~'a?hi.{T_:'i?'I wére szzmved upen ﬁ'i€'EfE"L T§'1{f'. W21._2*.ra:.':£', " n{iijia::*: {AI"2'1:'.a€i'Xi.1i"€f~B} 5.-mail} E33 pziici by . C;}>1_"{b§§v4§C¥';{20€}E$ bass 22;.i.s«:'; i.z:%~:€::': 3. ::'s§m§3a:_' V§€'W t:§1a{: {}ff1?.{":_§_a.i ' .._I;§€;'a.:§g:E2;:£.0r W-"<;:;.zki E':a:w<3 1513 g;32«':}=-' E'.2'?§:3~;€'?$ ﬁﬁ {T:<::':_§.E.:*.mafézm iéf Cfc)z1"1p.21:":ies Aﬁiii zand :--;s::és:1~ki:'1g pay'1tm:*:m 1:2}; Ozffficrizié L_iquiciai;01'. it r:cc;z,1i:red '£.e::» 2;3,xva__ii: {.13 2% 21{,i__j:.1di<:2,1.'{i':_gn pr(>(t<3eciix1gs by Off§{'.EiE~'i1 1.,iq11id.:«1t'r::1* z11'1<% an-5.; :'--3uCh rs2:=;sp<.>:1(£r::z1t wmild net, be :=>.mit:I<;:<i to Seek property OI' assatis-3 of time »::0m.pa.ny' 'L-"¢r'}"I;i€?§'i1A.1}E1_1,£'~3 E:)€*E::V3 s:sb1«:_i . in ﬂavour' of the Eippliﬂiéillil }1c:z'V<':ii1'L:.:§zart:i<£a.1}.::s 110i:i:::e ims'_i.t.ing terzdeas 21136: {}'I'"HI&1EiVIV"1C'IE1t'.€ that prospeﬁive pL1f(f}'1£1SC%'1%' pay {:21}:

due arﬁerior £0 bi' made clear that: alppiigtszrﬁ tax with effeci.

fmm. has: iléikiilﬁ p0sSessi<}1";'0;€ i.E1ét Offiariai LiqL.1ide1i0r) and ssxrzh p;>a;g::;fr_c3:1f;: {i€I'i1£iEE{i€fC§ 3:2}? fixfeii .r:%:~:.;;}:>n<§;s;2::t aziidsr apgﬂiqrzizlfif 2>sif:2.§j§i'1':.AV.17<.i2air \ﬁ.='€E1'§{§§ from that d22..t<?: {T}? ihéz-1; ordegz 15? ~~§3;' :_ is aisa is be n<)£;i<:<:-id '£.§'1és~s {izmm in x*"' », r

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