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News Bulletinby shrayan

Company ordered to deposit principal amounts to stay liquidator's action

In a company petition was admitted and the company was directed to be wound up. In another petition, company indicated its willingness to settle with the petitioner-creditor. Company did not pay. Court ordered Official Liquidator's to take control of the company's assets. High Court ordered the company to deposit principal amounts covered by the claims of two petitioning creditors for the Official Liquidator to be asked to stay his hands. -500141

Trustee can file winding up petition in India despite contract conferring jurisdiction on English courts.

This case involved a dispute between a trustee (appellant) representing foreign bondholders and an Indian company (respondent) that defaulted on interest payments for convertible bonds issued to those bondholders. The key issue was whether the trustee could file a winding up petition against the company in an Indian court, given that the trust deed conferred exclusive jurisdiction on English courts. The court allowed the appeal, holding that the ...