9911796707
TMI Blog2012 (4) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... Sri Ramaiah Gowda, learned counsel for the second respondent. The first respondent though served has not appeared and has been proceeded ex parte. 3. The company-in-liquidation was ordered to be wound up by this Court by its order dated, 01.04.2002. Subsequent thereto, the Directors had not filed the statement of affairs as required in law and as such proceedings had been initiated under Section 454 (5) and (5A) of the Act. In the said proceedings, the second respondent herein has been discharged by the order dated 16.01.2004 since the second respondent herein had established before this Court that he was a Director of the company-in-liquidation only for the period between 28.02.1994 to 28.10.1994 and was neither the Director prior to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated in the application. The claim as made in the instant application is based on the balance sheet dated 31.03.1992, which was available on record as on the date of winding up order passed by this Court. In the said balance sheet, the Official Liquidator has noticed certain entries relating to the immovable properties viz., leasehold land and also the building construction in all amounting to Rs. 3,60.000/-. That apart, the value of the plant and machinery was indicated at Rs. 34,08,031/-. Hence, the total amount of Rs. 37,68,031/- is claimed as the loss suffered by the company due to the act of the Director viz., the first respondent who has not accounted for the said amount. The balance sheet is marked as Ex.P1. Other than the said mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he balance sheet dated 31.03.1992. In this regard, in my view, the indication in the statement of affairs would have to be accepted for the reason that undisputedly, the Karnataka State Financial Corporation (for short the 'KSFC') had taken possession of the factory, plant and machinery on 01.02.1996. It is subsequent thereto, the winding up petition was filed on 27.09.1999. The KSFC no doubt sold the plant and machinery subsequently on 01.04.2002. 7. In that context, the Official Liquidator filed the application under Section 537 of the Companies Act in C.A.No.916/2005 objecting to the sale made by the KSFC and this Court has allowed the said application. But the issue is presently in an appeal before the Hon'ble Division Bench of this Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
