Winding up


Whether winding up proceedings initiated by operational creditor can be withdrawn by creditor upon receiving payment by company ? even though official liquidator appointed by high court and OL taken over physical possession of the property of the company ?
 
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Advocate

Interesting query, and I am also interested to know, as I have not come across such situations. However, in my humble opinion, the shareholders and the creditors should move the High Court through the OL to withdraw the winding up exercise, as winding up is only a journey and not the end. If there is any possibility to continue the company after the operation of winding uyp process, the High Court should go in favor of continuing the company in spite of winding up. LCI Members may correct me if i am wrong as I am interested in this peculiar circumstances.

 
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