Question

When you open a savings account in a bank you need to fill up deposit forms or slips .observe the following forms and fill up their details 4.4My financial career

Answer 1

Answer:

The above mentioned decision was later followed by this Court in Madhusudan Gordhandas and Co. v. Madhu Woollen Industries Pvt. Ltd. 1971) 3 SCC 632. it was further stated that if the court is satisfied, that sufficient reasons exist in the petition for winding up, then it will pass a winding up order. Once the winding up order is passed, following consequences follow:

1. Court will send notice to an official liquidator, to take change of the company. He shall carry out the process of winding up, ( sec. 444)

2. The winding up order, shall be applicable on all the creditors and contributories, whether they have filed the winding up petition or not.

3. The official liquidator is appointed by central Government ( sec. 448).

4. The company shall relevant particulars, relating to, assets, cash in hand, bank balance, liabilities, particulars of creditors etc, to the official liquidator. ( sec. 454).

5. The official liquidator shall within six months, from the date of winding up order, submit a preliminary report to the court regarding :

· Particulars of Capital

· Cash and negotiable securities

· Liabilities

· Movable and immovable properties

· Unpaid calls, and

6. An opinion, whether further inquiry is required or not ( 455)

In Vijay Industries v. NATL Technologies Ltd, (2009) 3 SCC 527, it was laid down that if the debt is bona fide disputed, there cannot be "neglect to pay" within the meaning of Section 433(1)(a) of the Companies Act, 1956. If there is no neglect, the deeming provision does not come into play and the winding up on the ground that the company is unable to pay its debts is not substantiated and non-payment of the amount of such a bona fide disputed debt cannot be termed as "neglect to pay" so as to incur the liability under Section 433(e) read with Section 434(1)(a) of the Companies Act, 1956. The Central Govt. shall keep a cognizance over the functioning of official liquidator, and may require him to answer any inquiry. The official liquidator, usually a public accountant, must, of course, be a person wholly independent and outside the influence neither of the company, nor in any way connected with its business. In the course of the winding-up operation a liquidator usually consults with the shareholders and the creditors of the company, with the purpose of facilitating his task or proposing a compromise of arrangement between the parties.