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1 - 10 of 17 (1.60 seconds)Section 446 in The Companies Act, 1956 [Entire Act]
Section 391 in The Companies Act, 1956 [Entire Act]
Indian Companies Act, 1913
Section 10 in The Companies Act, 1956 [Entire Act]
Section 443 in The Companies Act, 1956 [Entire Act]
Sudarsan Chits (India) Ltd. vs Sukumaran Pillai And Ors. on 8 October, 1982
Gobind Bharathan and E. M. S. Anam for Intervener.
The Judgment of the Court was delivered by
DESAI, J. Sudarsan Chits (India) Ltd.-appellant herein,
('Company' for short) is governed by the Companies Act,
1956. Three petitions being Company Petitions Nos. 9/81,
8/81 and 49/81 were moved by the creditors of the Company
under Sec. 439 of the Companies Act praying for winding up
of the Company on the ground that it was unable to pay its
debts. The learned Company Judge passed an order winding-up
the Company and appointed official Liquidator to be the
Liquidator of the Company. This order was challenged in MFA
Nos. 578, 579 and 520 of 1981 which came up for hearing
before a Division Bench of the Kerala High Court. The
judgment of the Division Bench is reported in Sudarsan Chits
(India) Ltd. v. G. Sukumaran Pillai.(1) The appeals were
disposed of after approving the scheme of compromise and
arrangement under Sec. 391 of the Companies Act directing
that the winding-up order shall be held in abeyance on
certain undertakings to be filed by the Company before the
court within the prescribed time to abide by the conditions
imposed in the judgment and if there be any default in the
matter of performing of the conditions so imposed, and/or
undertaking is not filed as directed therein, the winding-up
order made by the learned Judge will stand confirmed. A
further direction in this behalf given by the court is
material and may be extracted: