Millennium Post

SC stays High Court order of winding up Dunlop Ltd

The Supreme Court on Wednesday stayed a Calcutta High Court order directing winding up of tyre manufacturing company Dunlop India Limited (DIL).
A vacation bench of justices Gyan Sudha Misra and Madan B Lokur passed the order on the plea of DIL which had moved the apex court against the 2 May order by the high court's division bench. The court has listed the matter for further arguments on 30 July. The division bench of the high court on 2 May had rejected DIL's appeal against its single judge decision of 31 January ordering winding up of Dunlop India.

The single judge had also directed the official liquidator to take possession of the company's assets and books of records. The plea for winding up of the company was filed in the high court by E V Mathai and Sons and A K Kundu and Company, besides 15 other creditors who had sought liquidation of the company for non-payment of dues of about Rs 1,000 crore.
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