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TMI Blog2022 (1) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... ous application under Sections 391 & 443 of the Companies Act, 1956 read with Sections 230 and 273 of the Companies Act, 2013, seeking revival of the Rajasthan State Agro Industries Corporation Limited. The Company Petition No.30/1996 was filed by the Rajasthan State Agro Industries Corporation Limited (hereinafter referred to as 'the Company') for the purpose of its voluntary winding up. This Court vide order dated 03.09.1997 directed the winding up of the company and Official Liquidator was also appointed. The matter was pending before this Court and vide order dated 09.08.2018 had directed the State Government to hand over the charge of the properties of the Company, which is a Government Company, to the Official Liquidator. The directi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the liability of other part of the loan, which was advanced by the State Government to the Company. The applicant has submitted that there are prospects of revival of the Company and for development of the properties of the Company since entire shareholding is owned by the State Government/its officials. It is prayed that in the interest of justice, the winding up order of the Company may be reviewed. The applicant has further submitted that in view of the provisions contained in Section 391 of the Companies Act, 1956 read with Section 230 of the Companies Act, 2013, it is always open to the members of the Company to propose an arrangement/compromise even in respect of a Company, which is being wound up. The applicant has submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the State Government has filed applications beleatedly and possession of the property has already been taken. The Official Liquidator has further submitted in his reply that the State Government has not filed proper proposal regarding resources of fund and payment of the liabilities to the concerned parties within a time bound manner with approval of the shareholders and creditor of the company and the same can only be done, as per the directions issued by this Court after appointing the Chairman. The Official Liquidator has also objected that since proper scheme of revival has not been submitted before this Court for its approval and the same is required to be furnished before this Court and as such the permission sought by the applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Official Liquidator had principally agreed not to contest the recalling application, but only submitted that the expenditures, which were incurred by the Official Liquidator after winding up order passed by the High Court and the State Government was required to reimburse the said expenditures incurred before recalling of the winding up order. Learned counsel further submitted that amendment in the Act of 2013 relating to transfer of the Companies Petitions, will not apply in the present facts of the case and this Court alone can recall the order of winding up and revival of the Company can also be permitted by the High Court. Learned counsel for the State has placed reliance on the judgment passed by the High Court of Gujarat at Ahmedaba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and the expenses incurred by the Official Liquidator have also been undertaken to be paid to them. This Court further finds that the State Government while taking the decision for revival of the company found that the properties of the company are of much more value and by putting the property on auction in winding up petition, the Official Liquidator will ultimately reimburse the entire amount to the State Government as the shareholding of the company is of the State Government itself. This Court further finds that decision of the State Government is not tainted with any mala-fide intention or to defraud any creditor and as such considering the bona-fides of the State Government, the applications filed by the State, needs to be conside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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