TANEJA DEVELOPERS AND INFRASTRUCTURE LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) Facts:

(2.) Briefly, the facts are that in 1997, a petition for winding up was filed by M/s. Rocksmelt Company (India) [the second respondent] against M/s. Ganga Automobiles Limited (GAL). During the pendency of those proceedings, on 02.02.1998, Mr. G.S. Suri, father of Mr. Ashwin Suri (Managing Director of GAL), appeared before the Company Court and offered to pay the unsettled dues of GAL, in his capacity as DAL, by selling the property situated at 1, Sikandra Road, New Delhi (hereafter "suit property"). The offer was accepted by the Court, which then ordered that the property would be deemed to be attached and sold under Court supervision, if not sold within 3 1/2 months. This was expressly recorded by the order of Court, in the company winding up proceeding, as follows: "02/02/1998

(3.) On 03.02.1998, Mr. G.S. Suri sought to withdraw the statement he had made the previous day on the ground that he had made it (the statement) without authority from the Board of Directors of DAL, the company which owned the suit property. The Court directed that that the request to withdraw the undertaking recorded in the order, i.e. the part pertaining to attachment of the property at Sikandra Road, would take effect if a review of the order dated 02.02.1998 was sought. On 20.02.1998, the Court modified its previous order, stating that the order would have no effect till the next hearing on 22.05.1998, by which date the company would make all efforts to repay their creditors, failing which the company would be deemed to be wound up. The order made thereafter however, did not make any reference to the property situated at Sikandra Road, and stated that "the order dated 20th February, 1998 needs no variation," once an undertaking to deposit Rs. 610 lakhs was made. On 18.8.1998, GAL was directed to be wound up and an Official Liquidator was appointed.