MATTER OF MODILUFT LIMITED Vs. STATE

JUDGEMENT

(1.) This is an application, moved on behalf of the Royal Airways Limited (hereinafter referred to as 'the RAL') under Section 391 (1) and 393 of the Companies Act read with Rule 67 & Rule 69 of the Company Court Rules 1959(hereinafter referred to as the Act), praying for directions regarding the convening of the meetings of the creditors of the applicant company for the purpose of considering the Scheme for Compromise with its creditors. The registered office of applicant company is in Delhi, within the territorial jurisdiction of this Court.

(2.) The application, CA 797/2000 was initially filed pursuant to an Order of this Court dated 31st December, 1999. In these group of winding up petitions, the first petition was filed on 1st July, 1996 and thereafter upon a total deposit of Rs.9 crores on 31st December, 1999, the RAL was permitted to file a scheme for compromise, CA 797/2000. But pursuant to the Order dated 6th March, 2003 the said scheme was updated by the directions of this Court, leading to the present CA 606/2003.

(3.) This is an updated Scheme of Arrangement, filed by the applicant pursuant to the order of this Court dated 6th March 2003 in CA 797 of 2000, which reads as under: