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2015 (5) TMI 624 - HC - Companies LawApplication for revival of company - Claim of State Bank of India's satisfied - Dues of the company in liquidation towards the Corporation stands satisfied as per one time settlement reached - Held that:- In view of the changed circumstances, the Company is brought out of liquidation and is revived. It would now be free to resume its business. However, the Official Liquidator would handover the vacant possession of the premises, i.e., land, building and factory including the plant and machinery lying therein to the Ex-Director Sh.Rajiv Jain after removing any encroachments. In case, the property has been encroached by anyone regarding which an FIR No.31 dated 4.3.2014 in PS Kasola, District Rewari has been registered, the SSP, Rewari is directed to assist the Official Liquidator in removing the encroachments forthwith with 7 days notice to those found in unauthorised possession. Since the company stands revived, the title deeds which were deposited by the petitioner to secure a loan by equitable mortgage, shall be returned to the petitioner company and the mortgage will stand discharged. The Registrar of Companies to make necessary corrections. The petitioner to take steps to inform the Registrar of Companies within 30 days of receipt of this order of the revival of the petitioner company. Henceforth, the company will be treated as having come out of liquidation. Consequently, the winding up order is recalled. If any sundry bills or expenses remain due, the Official Liquidator would be free to send a notice to the petitioner company together with a calculation sheet including the fees of the Chartered Accountant, if any pending payment. The Official Liquidator at the time of handing over the possession would initiate demarcation process through the revenue authorities in Rewari. - Application for revival of company accepted.
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