MACHO FOODS PRIVATE LIMITED Vs. MODILUFT LIMITED

JUDGEMENT

(1.) The applicant is one of the creditors of the respondent company and filed this application on the basis of allegations regarding certain transactions pertaining to fraudulent practices for misappropriating assets and resources of almost rupees 36 crores by the company. The company had filed a proposed Scheme of Settlment with the creditors under Section 391 and 394 of the Companies Act being CA No. 797 of 2000 where directions were sought to convene a meeting of the creditors of the said company for entering into settlement with such creditors. The present application arises from the averments:

(2.) In light of the fact that the company is facing more than 31 winding up petitions and there is a schme of settlement with the creditors offering substantially reduced amounts even against the principal amount, the above transaction amounts to a fradulent preference against the creditors and other contributories of the respondent company.

(3.) This application, therefore, prays as under: