9911796707
TMI Blog2010 (2) TMI 591X X X X Extracts X X X X X X X X Extracts X X X X ..... name of Kolkata TV, was directed to be wound up by the learned company court on May 21, 2009, in C.P. No. 39 of 2009 at the instance of one of the creditors thereof. Several other winding up petitions filed by the creditors were pending and the liability of the company, as it appears from the break-up given in the application, was in the region of Rs. 74 crores. (b)The Official Liquidator, consequent to the order of winding up, when went to take the possession, was prevented from taking possession of the assets of the company in liquidation and thereafter, one Shri Dayal Saha and another Shri Pradip Bandyopadhyay (appellant before us), claiming to have been authorised by the employees of the company in liquidation moved C.A. No. 651 of 2009 under section 466 of the Companies Act, 1956, thereby praying for the following relief : "(i)All the orders of winding up passed by this Hon'ble Court in connection with SST Media (P.) Ltd., from time to time be stayed until further order of this Hon'ble Court; (ii)R.P. Techvision (India) (P.) Ltd., of 12, Government Place (East), 4th Floor, Kolkata-700 069 be given liberty to file scheme of arrangement preferably through Price Waterhouse wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company and appointing two learned advocates of this court for the purpose of presiding over a meeting between the promoters/financiers on the one hand and the creditors on the other. The company was allowed to continue its business and a separate account as regards income and expenditure was directed to be maintained. The matter was made returnable on September 21, 2009. However, it appears that the said meeting could not give any fruitful result and there was none in the said meeting prepared to make any commitment to make any investment for revival or for payment of the dues of the creditors as would appear from the order dated September 22, 2009. The stay already granted was, however, directed to continue on condition that a sum of Rs. 2 crores should be deposited with the Official Liquidator by October 21, 2009, at the instance of the R.P. Techvision (India) P. Ltd. (f)On October 26, 2009, an affidavit was affirmed by one Shri Rana Bandyopadhyay as principal officer of R.P. Techvision (India) P. Ltd., stating that it had deposited a sum of Rs. 2 crores with the Official Liquidator on October 20, 2009 and further stated that the registration of the company in liquidation w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assets as above to sale proceeds of the assets but the transfer to the purchaser will be free from all encumbrances; (v)Until valuation of assets, advertisements and actual sale of the assets by the Official Liquidator the company be run as at present on the conditions imposed by court, i.e., payment of hire purchase, instalments, rent/occupation charges, license fees, auditors fees, salaries and wages and all outgoing as at present; (vi)Stay of the winding up order and/or all proceedings in winding up till the disposal of this application or such time as this Hon'ble Court may deem fit and proper; (vii)In the event of the sale of the assets as mentioned above being held in favour of the present financiers, viz., R.P. Techvision (India) (P.) Ltd., or their nominee, credit be given to them for all payments made and/or funds provided for payment of salaries, license fees, rents/occupation charges, deposit, audit fees, etc., by them as costs charges and expenses of liquidation towards the sale proceeds or repayment out of the sale proceeds to them on a preferential basis; (viii)The sale of the assets of the company held by private treaty to the aforesaid financiers, viz., R.P. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allegations made by those persons and as such, we dismiss the two applications of interventions as those are beyond the scope of this appeal. 6. Therefore, the only question that arises for determination in this appeal is whether the learned Single Judge was justified in passing the order impugned by refusing the prayer of the applicants. 7. So far as the first application under section 466 of the Act is concerned, we find that the learned Single Judge has rightly followed the principles which are required to be followed in deciding the question of revival and no fruitful suggestion for revival of the company in liquidation had been placed before the company court. It appears that the appellant himself came with a second application in which he prayed for sale of the assets of the company in liquidation as a going concern with further prayer that the property should be sold to the present financiers, viz., R.P. Techvision (India) (P.) Ltd., or their nominee, after credit being given to them for all payments made and/or funds provided for payment of salaries, licence fees, rents/occupation charges, deposit, audit fees, etc., by them as costs, charges and expenses of liquidation to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be exercised in favour of the applicants having regard to the special facts of the said case indicating the efforts put by them in revival of the company. The court after a careful consideration of the pleadings, annexures, supplementary affidavits and counter-affidavits was satisfied that there was paramount public interest including the prospect of employment and increase in production of various types of electrical equipments and products which the company was producing and which appeared to have immense prospect and profitability and taking into consideration the industry, commerce and commercial morality and also the fact that the ex-management with a view to frustrate the achievement of the applicant society was opposing the application and that the objection was not bona fide and purely motivated to get back the assets of the company and frustrate the achievement of the applicant, granted the application in a modified form to sell the assets of the company in liquidation to the applicant society by private treaty at the best reasonable price as the court thought fit. While making such order, the learned judge hastened to add that the said order was made in the peculiar ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
