Gujarat HC Clears Final Payout to Unsecured Creditors in Company Winding-Up Case

Official Liquidator of Aesculapius Remedies Ltd Vs Punjab National Bank & Ors (Gujarat High Court) Background and Winding-Up Aesculapius Remedies Ltd. was wound up by an order of the Gujarat High Court on March 20, 2003, and the Official Liquidator (OL) was appointed. The OL took possession of the company’s factory, which was subsequently sold under an order dated August 8, 2006. Initial Claims and Verification The Official Liquidator invited claims from creditors and workers under Sections 529A and 530 of the Companies Act, 1956, via an advertisement on October 12, 2007. The OL rec...