Case Law Details
Chhatar Singh Dugar & Ors Vs ITO (Calcutta High Court)
Calcutta High Court held that though the official liquidator is now in-charge of the affairs of the company, the petitioners being the erstwhile directors are to assist the official liquidator in affairs of the company even after winding up.
Facts- The present revision has been preferred praying for quashing of Complaint Case u/s. 200 of the Code of Criminal Procedure with charge under Section 276C (2) read with Section 278B of the Income Tax Act, 1961 and all orders passed therein including order passed by the Chief Metropolitan Magistrate at Calcutta thereby taking cognizance and orders passed by the Chief Metropolitan Magistrate, thereby issuing process against the petitioners.
The petitioners’ case is that Vikash Metal and Power Limited (under liquidation) hereinafter referred to as the said company under liquidation was incorporated on 4th July, 1996 as a Public Limited Company under the provisions of the Companies Act, 1956 and engaged in the business of manufacturing of steel and power.
That due to economic slowdown and other reasons the business of the said company (under liquidation) failed and consequent to which the company failed to honour the payments of its creditors.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
