OIL AND NATURAL GAS CORPORATION LTD. EMPLOYEES CONTRIBUTORY PROVIDENT FUND TRUST REPRESENTED BY ITS EXECUTIVE OFFICER, SRI M.S. BHARTI Vs. HMT LIMITED, A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1913 AND REGISTERED UNDER THE PROVISIONS OF T

JUDGEMENT

(1.) THIS petition is filed by a Trust called "Oil & Natural Gas Corporation Limited Employees Contributory Provident Fund Trust" seeking winding up of the respondent company under the provisions of Section 433(a) & (f) of the Act.

(2.) THIS petition is filed pursuant to the liberty reserved in Company Petition No. 248/2000 to the petitioner herein to initiate fresh proceedings against the respondent company hi the event the respondent failing to pay any of the installments as stated in the compromise petition filed in Company Petition No. 248/2000.

(3.) ACCORDING to the petitioner the erstwhile Oil and Natural Gas Commission had established a fund under the Employees Provident Fund Provisions Act, 1952 and the name of the said fund was changed to Oil and Natural Gas Corporation Limited employees (Contributory Provident Fund Trust with effect from 1.2.1994. The petitioner had invested a sum of Rs. 1,00,00,000/ - with tire respondent company in 10.50% IIMT (Taxable) unsecured, redeemable bonds on 29.7.1994. Since the respondent failed to comply with the terms of the bond, statutory legal notice dated 8.7.2000 was sent to the respondent company stating that it was liable to pay a sum of Rs. 1,41,25,000/ - in respect of the bonds. Although the respondent admitted the liability, it failed to discharge its debt and consequently, the petition for winding up, in Company Petition No. 248/2000 was filed in which, after the appearance of the respondent company, a compromise was arrived at and the company petition was disposed of in terms of the compromise on 26.7.2001.