BABOO LALL JAIN, J.

( 1 ) THIS application had been filed by one Nilkanta Kolay on 20th January, 1992 under Section 466 of the Companies Act, 1956 before the Hon'ble Appeal Court and was remanded to this Court, inter alia, with the following directions :"in the event, the Company Court allows the application for stay of the winding up proceeding and / or setting aside the order of the winding up order, the sale will automatically stand set aside, if however, the Company Court dismissed the application for setting aside the winding up order, the sale shall stand confirmed. There will be no sale and disbursement without the leave of the Company Court. "

( 2 ) SOME of the facts relating to the instant application are as follows : On 20th March, 1986 one Lalit Kumar Sinha filed a winding up petition being Company Petition No. 120 of 1986 against the company claiming a sum of Rs. 68,000/- from the Company.

( 3 ) IT appears from the submissions made and it is a matter of record that another winding up petition was filed against the company by another creditor Krishna Kumar Sinha being C. P. No. 121 of 1986 for non payment of Rs. 68 thousand. On 20-3-1986. Notice in respect of C. P. No.

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