KARNATAKA HIGH COURT
D. K. SINGH, VENKATESH NAIK T, JJ
M/S. SRI SAI SAPTHAGIRI SPONGE PVT. LTD. – Appellant
Versus
M/S. MAGINIFICO MINERALS PVT. LTD. – Respondent
| Table of Content |
|---|
| 1. court considers financial health in winding-up cases. (Para 1 , 2) |
| 2. appellant seeks to transfer proceedings to tribunal. (Para 3) |
| 3. appeal disposed of with liberty granted. (Para 4) |
(PER: HON'BLE MR. JUSTICE D K SINGH)
This original side appeal has been filed by the appellant-
Company (respondent in Company Petition No.85 of 2015) against the order dated 10-1-2024 passed by the learned Company Judge in Company Petition No.85 of 2015 filed under Section 433 (e) & (f) read with Section 434 (1)(a) and Section 439 (1)(a)(b) of the Companies Act, 1956 , for winding up of the appellant-Company on the ground that the appellant-Company had failed to discharge its liability of Rs.1,91,72,159/- and the Company's financial health was not sound. Considering the facts and circumstances of the case, the learned Company Judge admitted the company petition by the impugned order.
2. Now, the respondent-Company, which was the petitioner in Company Petition No.85 of 2015 before the learned Single Judge, is before the National Company Law Tribunal, in which, the National Company Law Tribunal has appointed an Interim Resolution Professional and the management of the respondent-Company h
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