Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2016 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 643 - HC - Companies LawWinding up - non-payment of dues - inclusion of outstanding debt as part of the advertisement for sale proclamation - notice of sale of the immovable properties of the Company (in liquidation - auction purchases - Held that:- Held that:- As far as the terms and conditions are concerned as quoted hereinabove, the purchaser is clearly informed that he would be liable for all the dues. As far as present applicants are concerned, it is an admitted position that the electricity Companies under the provisions of the regulations and/or supply code as applicable have already disconnected the electricity connections of the Company (in liquidation) in the instant case and therefore, there is no question of reconnection. As regards the contention raised by learned counsel for the applicants that as per amended supply code, and more particularly Regulation 4.1.11 would apply to all intending purchaser, it is to be noted that the provisions of the Indian Electricity Act, 2003 and Supply Code has no bearing on the proceedings under the Companies Act and the same would apply to purchaser as and when he becomes consumer of the electricity Company. So on both the counts, the applicants are not entitled to say that in the advertisement itself, it is required to be mentioned that some amount is due and payable towards electricity charges to the applicants – electricity Companies. It is not the case of the applicants that they have any other additional or special right as far as the amount of due is concerned and therefore, the applicants have no right to insist that there has to be inclusion of their debts as part of the advertisement for sale proclamation. In opinion of this Court, on the contrary the applicants are required to lodge their claim before the Official Liquidator in accordance with the provisions of the Act and Rules. As far as applicability of Supply Code, more particularly clause 4.1.11 of the Regulation is concerned, the same would be a case between intending purchaser and the electricity Company and therefore, the Official Liquidator is not duty bound to bring to the notice of the purchaser and/or auction purchaser of the Company (in liquidation) that there is outstanding dues of the electricity Company along with interest thereon at the rate of 15 % per annum and that unless and until such dues are paid, no connection would be provided by a special mention in the sale proclamation as prayed for by the applicants. The same is therefore, de hors the provisions of the Act and the Rules and misconceived in law and facts. While giving an advertisement, list of secured, unsecured, or preferential is not to be provided or made part of the public advertisement especially when other clauses as enumerated hereinabove and a specific clause that sale is subject to the conditions “as is where is and whatever there is basis”. Thus both the applications fail and are hereby dismissed. The applicant of Company Application No.5 of 2011 is not entitled for any of the reliefs/claims as prayed for in the Judge's Summons.
|