Restoration or purchase

Meena (Querist) 01 December 2024 This query is : Resolved
My company holds 30% share in a dissolved company which in turn holds considerable stock in leading Banks and has a valuable landed property.
The official Liquidator knowing fully well of these assets dissolved the company in12020.
These shares are with the RTA agents along with the dividend.
I approached the liquidator asking him what are the dues that has to be settled.
The company has to pay 34% to the workers along with 4% interest.
This is 1/6 of the consideration of the shares and landed property.
Now I intend to file a case in High court to restore the company to the stage of winding up and claim my share. There are other 2 companies which have share in the dissolved company, but they have been liquidated, one voluntarily some 20 years back and the other by the official liquidator.
My question is what should I do?
1 Restore the company and claim my company's share.
2. Buy the dissolved company as I envisage, I will be getting it for a cheaper price.
need your guidance

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Quick Summary

A company holds a 30% share in a dissolved entity possessing significant bank stocks and property. The liquidator dissolved the company in 2020, despite these assets. Now, the company faces a choice: either petition the High Court to restore the company to its winding-up stage and claim its share, or purchase the dissolved company, potentially at a lower price. Professional legal advice is strongly recommended to navigate this complex situation.

T. Kalaiselvan, Advocate (Expert) 01 December 2024
Without knowing proper background details any opinion rendered in this regard would be a misguidance hence better consult a local consultant 8proceed as suggested.

Dr. J C Vashista (Expert) 02 December 2024
Consult a local prudent lawyer with relevant records for proper analyses and professional advise.

kavksatyanarayana (Expert) 02 December 2024
Yes. You must consult a local prudent lawyer with the company bylaws and other necessary papers and get advice.

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