OFFICIAL LIQUIDATOR Vs. VISWANATHAN

JUDGEMENT

(1.) The above applications filed in Company Petition No. 6 of 1973 are disposed of by the following order as they substantially involve common questions of law and fact as well as they are interconnected. For purposes of disposal of Company application No. 128 of 1977 made by the Official Liquidator, the facts stated therein, may be taken as the main application. The prayer in the said application is :

(2.) I must straight-away state that these prayers cannot be granted as I shall give the reasons after briefly setting out the facts leading to these series of applications.

(3.) In company petition No. 6 of 1973, M/s. Sriranga Fertiliser and Industries Private Ltd., by an order made by this Court was directed to be wound up. In Coy. Appln. No. 76 of 1974, the official liquidator prayed for a direction of this Court to summon all the Directors and other respondents therein and direct them to deliver all assets of the company to their possession. In Company Application No. 293 of 1976, the Offl. Liqr. in Coy. Petn. No. 6 of 1973, prayed for a direction to respondent No. 2 P. S. V. Challam to deliver the machinery which the company in liquidation had pledged with the said Challam. In Company Application No. 211 of 1975, the Official Liquidator prayed for a direcction to the said Challam to deposit Rs. 56,000 being the value of the machineries sold to respondent No. 2 therein and deliver all the moveable assets to the official Liquidator. Company Application 128 of 1977 was filed by the official liquidator for a declaration that the pledge of the machinery by the company in favour of the 5th respondent therein was a fraudulent preference and further to declare that the pledge of the machinery was void as against the official liquidator with a direction to respondent No. 6 therein to deliver the machinery pledged to the official liquidator. Company Application No. 30 of 1978 was filed by the official liquidator for condonation of delay in filing Company Application 128 of 1977.