ASHOKA AUTO AND GENERAL Vs. INDER MOHAN PURI

JUDGEMENT

(1.) The Official Liquidator has filed this application under Section 543(1) of the Companies Act,1956 with prayer that respondents who are Ex-Directors of M/s.Ashoka Auto & General industries (P) Ltd. (in liquidation) (hereinafter referred to as 'the Company') be directed to pay the Official Liquidator a sum of Rs.13, 86, 346.30 p along with interest at the rate of 12% per annum from the date of winding up.

(2.) The application discloses that after the passing of the winding up orders against the company and appointment of the Official Liquidator as the Provisional Liquidator w.e.f. 4.11.1980 and as the Liquidator w.e.f. 20.5.1981 when final winding up orders were passed, respondents herein failed to file the Statement of Affairs which was filed only on 17.7.1986. On going through the Statement it was noted by the Official Liquidator that there were certain trade debtors and certain other debtors to whom company had given the loan and advances. In addition company has also enormou, liability towards various banks being secured creditor who are to be paid apart from certain preferential creditors and unsecured creditors. However during the life time of the company, no action was taken to recover tht, debts which had become" bad debts". In these circumstances, prayer is mac that respondents should pay these monies to the Official Liquidator.

(3.) Respondents 1 and 2 entered appearance after notices were issued. Respondents 3 and 4 have died. On behalf of respondents 1 and 2 preliminary objection is taken about the maintainability of this application and the objection is that the same is barred by limitation.