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Proceedings u/s. 543 cannot be initiated merely based on realizable value of assets
Case Law Details
- Case Name
- Official Liquidator of Mandya National Paper Mills Ltd. (In Liquidation) Vs S.K. Sengupta (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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HIGH COURT OF KARNATAKA
Official Liquidator of Mandya National Paper Mills Ltd. (In Liquidation)
v/s.
S.K. Sengupta
CO. APPLICATION NO. 971 OF 2005
CO. PETITION NO. 112 OF 1994
MARCH 8, 2012
ORDER
1. The instant application is filed by the Official Liquidator under Section 543(1) of the Companies Act, 1956 R/w Rule 9 and 260 of the Companies (Court) Rules, 1959. The application is filed on behalf of the company in liquidation against the erstwhile Directors of the said Company, alleging misfeasance and in that context to direct respondent Nos. 1 and 3 to jointly or severally pay the company in...
