NILESH LALIT PAREKH Vs. ARUNABEN A DHOLAKIA

JUDGEMENT

(1.) BY this appeal filed under section 10F of the Companies Act, 1956, the appellant has challenged the order dated 31st May 1999 passed by the Company Law Board, Western Region Bench, Mumbai. That order has been passed by the Company Law Board in a petition filed by the respondents under section 58A(9) r/w section 45A(ii) of the Reserve Bank of India Act, 1924. The short grievance that is made against the order is that against the Company, company petition No.2756 of 1998 was filed in this Court for winding up of that Company and in that petition, on 26th April 1999, this Court made the following order :

(2.) THUS , by this order, this Court admitted the company petition for winding up against the Company and appointed Official Liquidator as provisional Liquidator. Sub section (1) of section 446 lays down that when Official Liquidator has been appointed as provisional Liquidator, no suit or other legal proceedings shall be commenced or continued against the Company except by leave of the Court. Sub-section (1) of section 446 reads as under :