BHARAT STEEL TUBES PVT LTD Vs. STATE

JUDGEMENT

(1.) CA No. 1168/2002 is filed by the three applicants who claim that they are the owners of the property bearing Municipal No. 16, Friends Colony (West), New Delhi (hereinafter referred to as 'the demised property'). Smt. Ram Pyari Sethi, their mother and predecessor-in-interest of this property, had granted lease of this property to Bharat Steel Tubes Pvt. Ltd. (now in liquidation) (hereinafter called as 'the company') vide written deed dated 11th June, 1965. The property was meant for personal office of the Managing Director Mr. Raunaq Singh and a guest house. The tenancy commenced from 1st April, 1964 for a period of five years ending on 31st March, 1969. Rent of the demised premises was fixed at Rs. 2,000/- per month. The demised premises were, however, not vacated by the company after the expiry of the contractual period of tenancy.

(2.) Some time in the year 1990, the company became sick and consequently it made reference before the Board for Industrial and Financial Reconstruction (BIFR). Proceedings in that reference being Case No. 57/1990 went on for years together. Ultimately, the BIFR forwarded its opinion dated 23rd February, 2000 recommending winding up of the company under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The operative portion of this order reads as under:

(3.) On the basis of aforesaid reference, the company petition was registered as CP No. 55/2000. It may be noted that in the meantime appeal was filed by the company against the order of the BIFR which was also dismissed by the AAIFR. The company petition was still opposed by the company and after hearing the matter at length, detailed order dated 14th August, 2003 was passed dismissing the objections of the company and passing the order of winding up. The Official Liquidator attached to this Court was appointed as the Liquidator in the winding up proceedings with direction to take over assets and records of the company immediately and prepare an inventory of the assets of the company as a first step while sealing the property.