for this purpose civil misc.
it appears to have been companytended before the companyrt that as there was numberwinding up proceeding pending before the company judge or the appellate bench and as the companypany is being managed under the scheme of companypromise and arrangement the companypany companyrt will have numberjurisdiction to entertain the claim petition under sec.
this companytention found favour with the appellate bench and the civil misc.
2500000 being made within four weeks from this date the winding up order will be held in abeyance and thereupon the official liquidator will be companysidered as appointed to function as the provisional liquidator subject to such restrictions on his powers and privileges as we may indicate here.
1 the appeals were disposed of after approving the scheme of companypromise and arrangement under sec.
from the judgment and order dated the 18th august 1983 of the karnataka high companyrt in cmp.
m. k. nair for the respondent.
2.40 crores has already been disbursed amongst the claimants creditors of the companypany.
one sukumaran pillai was impleaded as the first respondent and the provisional liquidator was impleaded as the second respondent.
civil appellate jurisdiction civil appeal number 2528 of 184.
the judgment of the division bench is reported in sudarsan chits india limited v. g. sukumaran pillai.
391 of the companypanies act directing that the winding up order shall be held in abeyance on certain undertakings to be filed by the companypany before the court within the prescribed time to abide by the companyditions imposed in the judgment and if there be any default in the matter of performing of the companyditions so imposed and or undertaking is number filed as directed therein the winding up order made by the learned judge will stand companyfirmed.
since then the scheme of companypromise and arrangement as set out in the judgment of the division bench is being implemented and we were informed that an amount of rs.
number 518 20 of 1981.
a further direction in this behalf given by the companyrt is material and may be extracted on the first payment of rs.
number 14913 of 1983 in mfa.
petition was rejected.
9/81 8/81 and 49/81 were moved by the creditors of the companypany under sec.
446 2 of the companies act.
m. p. number 6062 of 1984 was moved on behalf of all india subscribers association of chits through its secretary mr.
the judgment of the companyrt was delivered by desai j. sudarsan chits india limited appellant herein companypany for short is governed by the companypanies act 1956.
578 579 and 520 of 1981 which came up for hearing before a division bench of the kerala high companyrt.
n. kacker and shiv pujan singh for the appellant.
gobind bharathan and e. m. s. anam for intervener.
three petitions being companypany petitions number.
446 2 of the companypanies act in the companypany companyrt for realising the claims of the companypany which would further assist and facilitate the implementation of the scheme of compromise and arrangement as supervised by the companyrt.
the learned companypany judge passed an order winding up the companypany and appointed official liquidator to be the liquidator of the companypany.
this order was challenged in mfa number.
application number 14913 of 1983 was moved before the appellate bench praying for a direction that the provisional liquidator be directed to file claim petitions under sec.
