Supreme Court of India
Idbi Bank Limited through Dgm (legal) v. The Official Liquidator, Office of the Official Liquidator of Companies & Anr.
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What the Court ordered
In view of the foregoing discussion, we uphold the decision of the Division Bench of the High Court of Judicature at Madras dated 28.07.2017 in O.S.A. No. 396 of 2013, reviving the winding up proceedings in C.P. No. 179 of 2001.
Judgment, page 20
From the headnote
Company (Court) Rules, 1959: rr.96, 99, 24 and 101 – Winding up petitions, advertisement – Mandatory req uirement – Held: The advertisement of a winding up petition is mandatory – However, if the petitioning creditor fails to advert ise the petition within the prescribed time, r.101 accords discretion to the court to substitute such petitioning creditor with another c reditor or contributory, if latter is capable and desirous of prosecuting the winding up petition – In the instant case, no such advertisement was made – No other creditor or contributory expressed willi ngness to prosecute the
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