PRAKASH NATH Vs. ASHOKA MANUFACTURING CO PVT LTD

JUDGEMENT

(1.) The aforesaid company appeal as well as the company petition are interconnected. The parties in both the proceedings are common. In fact, in CP No. 14/1997 filed by Mr. Prakash Nath and others before the Company Law Board, orders dated 30.5.2002 were passed directing re-drawl of the balance sheet of M/s. Ashok Manufacturing Co. Pvt. Ltd. Mr. Prakash Nath and others filed appeal CA No. 4/2002 challenging that judgment.

(2.) According to M/s. Ashok Manufacturing Co. Ltd. , on re-drawl of the balance sheet as per the directions of the Company Law Board, a sum of Rs. 56,53,834.50p. is payable, apart from interest, by M/s. Manu Machine Tech Pvt. Ltd. On that basis, Co. P. No. 160/2004 is filed for winding up of M/s. Manu Machine Tech Pvt. Ltd. Since foundation of the company petition is the order passed by the Company Law Board, it would be proper to deal with the company appeal in the first instance.

(3.) Brief facts leading to the disputes between the parties are recapitulated below.