AIR 2004 (NOC) 47 (AP) ::2003 CLC 1480 (AP) ::(2003) 6 AndhLD 666

Andhra Pradesh High Court

Hon'ble Judge(s): N. V. Ramana , J

Companies Act (1 of 1956) , S.557— Winding up petition - Pendency - Meeting to ascertain wishes of creditors or contributories - None of secured creditors and unsecured creditors of applicant-Company expressed their wishes either supporting or opposing company petition - Evinced no interest in matter - Thus application at instance of Company to call for meeting of creditors or contributories to ascertain their wishes, would not be maintainable. To exercise power under S. 557 there should be wishes of the creditors as proved before the Court by sufficient evidence, and in the instant case, no wish is proved by the secured creditors or unsecured creditors, and there are no claims from any quarter, nor is there any material placed on record by any of the creditors to show that they have any interest in the matter. Had any one of the secured creditors or unsecured creditors entered their appearance and proved their wishes before the Court by placing sufficient evidence, then the applicant-Company would have been justified in requesting the Court to call for a meeting of the creditors or contributories to ascertain their wishes, but there is no such wish expressed by any of the secured or unsecured creditors for them to be considered in the meeting. In that view of the matter, the application at the instance of the applicant- Company under S. 557 cannot be mainta....