ROCKSMELT COMPANY Vs. GANGA AUTOMOBILES LTD

JUDGEMENT

(1.) IN this winding up petition filed by the petitioner above-named for the winding up of the respondent Company M/s Ganga Automobiles Ltd.(to be referred hereinafter as 'the Company in liquidation' since it stands already wound up) because of its failure to repay the money due to the petitioner Company this Court was informed at the initial stages of the petition that the Company in liquidation had to pay money not only to the petitioner, M/s Rocksmelt Company(INdia), but also to many more persons and its liability was running into crores of rupees and those other persons had also filed winding up petitions. However, before any formal order for the appointment of provisional liquidator of this Company could be passed one of its directors Mr. Mukhinder Singh(who died during the pendency of these proceedings and the four applications which are being disposed of by this common order had been moved his legal heirs) and Mr. G.Sagar Suri, who was the Chairman of its sister concern M/s Delhi Automobiles Limited came forward to settle the claims of the creditors who had approached this Court in a phased manner and their proposal(which now appears, was never intended to be honoured by them) was recorded in the court proceedings of

(2.) ND Febuary,1998 which are re-produced below:-

(3.) ON 22nd May, 1998 when the matter was taken up again the following proceedings were recorded:-