Law:

Section:

Companies Act (VII of 1913)_... ------ Ss. 16&, 171, 230° & 232--Winding-up of Company by Court-Effect of S. 168-..Disposition of property of Company made after presentation of petition for compulsory winding up.-Held, to be void unless Court otherwise directs--Section 232(?) neither subject to Ss. 168 & 171 nor does it give any discretion to Court-Proceedings taken by Government for putting property of Company to sale for recovery of tax-Held, saved and protected by S. 232(2)-Recovery of tax bona fide and lawfully cannot be frustrated---.Sale. proclaimed and bids invited through daily newspapers-Allegation that sale was fraudulent cannot be accepted in circumstances of case. LINK1 LINK2 West Laikdin Coal Co. Ltd.'s case A I 'R 1926 Cal. 781 ; The Ripon Press acrd Sugar Mill Co. Ltd., Bellary v. Gopal Chetti and others. A I R 1932 P C 1 ; Commissioner of Income-tax v. Official Liquidators, Agra Spinning & Weaving Mills Co. I L R 56 All. 685 ; Shakuntla v. The Peoples Bank of Northern India Ltd. (1941) 22 I L R 760 ; Bhawani Shankar v. Industrial Bank . of India Ltd. 70 P R 1918 ; Kishan Singh v. Industrial Bank of India in Liquidation 62 P R 1918 and Humber's case (1901) 85 L T R 141 ref: Shiromani Sugar Mills Ltd. v. Governor-General-in-Council A I R 1945 All. 354 ; The Bank of Bihar Ltd., Patna v. Secy. of State and others A I R 1932 Pat. 1 ; Food Controller v. Cork 1923 A C 647 and Re: Hinley & Co. Ltd. (1878) Ch. D 469 not approved. JUDGMENT This is an application under section 183(5) of the Companies Act praying that the notice dated 12th of April 1980 issued by the Provisional Liquidator may be set aside. and he be stopped to take into the possession, the assets of Muslim Cotton Ginning Factory, Tandlianwala. 2. The facts leading to this petition are that this Court in C. O. 16/75 allowed a scheme of splitting the parent Company into three companies A. B. M. Associates Ltd.. Hodabia Textile and Zulfiqar Associates vide order dated 26th March 1976. It was agreed therein by the parties of the three pacts that the Income-tax liability which came out to be Rs. 1,17,00,000 shall be paid equally by them. 3. In pursuance to the said demand,…

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