ibnlive » Business

Mar 29, 2012 at 07:57pm IST

Dunlop challenges appointment of provisional liquidator

Kolkata: Dunlop India Ltd on Thursday moved an appeal before the Calcutta High Court challenging an order appointing a provisional liquidator on the assets of the company. A division bench comprising Justice KJ Sengupta and Justice Joymalyo Bagchi, taking up the appeal, directed that the provisional liquidator would work as special officer and make an inventory of the assets at the Sahaganj factory.

It directed in an interim order that the company management would not be able to take possession of any assets of the company till Thursday.

The bench directed that the creditors would be able to consult with the special officer, but he would not be able to take any decision.

Dunlop challenges appointment of provisional liquidator

The High Court directed that the provisional liquidator would work as special officer and make an inventory of the assets.

The interim order would continue till Thursday, while the appeal would be taken up for hearing on Tuesday.

Justice Sanjib Banerjee had on March 26 appointed the High Court official liquidator as the provisional liquidator.

Madura Coats Ltd in 2009 filed a winding up petition against Dunlop India Ltd claiming a due of Rs two crore.

In 2012, Madura Coats filed the application for appointment of provisional liquidator on the ground that the company was transferring its assets to deprive creditors.

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