INDIAN COMMERCE AND INDUSTRIES CO. LTD., BY ITS MANAGING DIRECTOR C. AUDIKESAVALU CHETTIAR Vs. FREE PRESS JOURNALS LIMITED

JUDGEMENT

(1.) THIS is an application by the Official Liquidator in the matter of the liquidation of the Free Press Journals (Madras) Limited.

(2.) THE Official Liquidator prays (a) that under the proviso to Section 467 of the Indian Companies Act, 1956, this Court may dispense with the settlement of the list of contributories in this liquidation; and (b) that except the statutory books, the order books, records and files of the company be permitted to be disposed of and the proceeds credited to the company.

(3.) THE words "as soon as" used in Section 467 show that the list should be prepared and settled speedily. The necessity and importance of taking this step speedily was pointed out by Chitty, J., in In re English Bank of the River Plate, L.R. (1892) 1 Ch. 391, in the following words: