ASA AGENCIES P LTD Vs. G SAGAR SURI

JUDGEMENT

(1.) By this order I propose to dispose of the two contempt petitions filed by the petitioner under Section 542 of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959 and Section 12 of the Contempt of Courts Act, 1971. The case of the petitioner in CCP No. 13/2009 is that the petitioner has filed the winding up petition against the respondent company under Section 433(e) & (f) of the Companies Act, 1956 and in the said company petition, vide order dated 15.9.2006, the respondent company was restrained from disposing of or parting with and/or renting out any immovable property except with the permission of this Court. As per the petitioner, the said order was extended by this Court from time to time and the same still subsists. It is also the case of the petitioner that at the time of filing of the petition an amount of Rs. 9,60,53,750/- was outstanding against the respondent, which includes the principal loan amount of Rs. 5,75,00,000/- and interest amount of Rs. 3,85,53,750/- due for the period 3.9.2002 to 24.5.2006. It is also the case of the petitioner that since the respondent company had failed to pay the said outstanding dues despite service of demand notice dated 25.5.2006 under Section 433 and 434 of the Companies Act, 1956, therefore, the petitioner had filed a winding up petition. The petitioner has also claimed that during the pendency of the present winding up proceedings, in order to defeat the legal rights of the creditors including the applicant/petitioner the respondent company and its Directors namely Mr.G. Sagar Suri, Mr. Ujwal Suri and Mr. Narender Suri had sold their huge chunk of land in favour of M/s Amba Realtors Pvt. Ltd., M/s Nipun Builders & Developers and M/s S.R.K. Realtors Pvt. Ltd. through various sale deeds. The petitioner has given the details of such properties, which are as under:-

(2.) . It is also contended by the petitioner that the aforesaid properties have been sold by the Respondents No. 1 to 4 in violation of the interim order dated 15.9.2006 passed by this Court in the winding up petition despite being fully aware of the said interim order. The petitioner further contended that sale of the said properties by the respondents no. 1 to 4 clearly constitute willful disobedience of the order dated 15.9.2006 passed by this Court and all the contemnors are liable to be punished by this Court for their contemptuous acts.

(3.) In CCP 7/2010, the petitioner seeks initiation of contempt proceedings against the respondents therein for selling huge land by respondents No.1 to 4 in favour of respondents No. 5 and 6 in terms of sale deed dated 26.2.2008 and 16.4.2008 in defiance of the same interim order dated 15.9.2006. In both the contempt petitions, the petitioner has prayed for punishment, of all the contemnors, for their willful and deliberate violation of the order dated 15.9.2006 in terms of Section 10 and 12 of the Contempt of Court Act, 1971. The petitioner has also prayed for declaring the said sale transactions as illegal and nullity. The petitioner has also prayed for awarding a separate punishment to respondents No. 1 to 4 for running the business in a fraudulent manner in terms of Section 542 of the Companies Act,1956.