High Court of Judicature at Allahabad
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Sanjai Gupta v. Gupta Gasoline Distributor - SPECIAL APPEAL DEFECTIVE No. 505 of 2006  RD-AH 12424 (27 July 2006)
Hon'ble Ajoy Nath Ray,CJ
Hon'ble Ashok Bhushan,J
We are in respectful agreement with the reasoning given and the order passed by Hon'ble Mr. Justice Sunil Ambwani on the 26th of May, 2006.
The application was one of the hopeless types, made by a contributory of some two thousand shares (allegedly fully paid up, of the face value of Rs. 2 lacs) which are made under Section 466 of the Companies Act, after the winding up order has been passed.
The appellant-applicant suffers under the misapprehension that because he is a contributory, he has under Section 466 an opportunity to reagitate the issue and again rake up the point whether the Company had failed to pay an admitted sum of money.
The applicant has no idea that the only way to get a stay of winding up proceedings, at this stage, is to bring before the Court a reasonable and workable scheme which seeks to pay off all the creditors including statutory ones who have moneys due to from the Company now. The application does not even annex with it the list of creditors. The Hon'ble Single Judge has rightly dismissed the misconceived application. The appeal is dismissed.
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