DALMIA CONSUMER CARE PVT LTD Vs. PAHARPUR 3P

JUDGEMENT

(1.) The petitioner assails the order dated 6th February, 2014 in CA No. 2225/2013 in company petition No. 382/2008. The company application No. 2225/2013 was filed by the appellant seeking amendment/modification/recall of the orders dated 3rd May, 2013 and 10th September, 2013.

(2.) It appears that by an order dated 2nd July, 2008, the appellant had been directed to be wound up in a petition filed by respondent No. 1/creditor. It is submitted that on 26th August, 2008, audit of the Balance Sheet of the company was conducted for the period ended 21st March, 2008, wherein the Auditor had categorically mentioned in Clause 11 of Notes that the Share application money pending allotment was converted into interest free unsecured loan as per the request of the companies. On 31st March, 2007, the authorized Share Capital of the company was Rs.5 Crores and share application money (pending allotment) was Rs.73,45,95,287/-. It was stated that the same was converted into unsecured loan and therefore, the same has been shown under the head of 'Unsecured Loan' in the balance sheet of the year ended 31st March, 2008.

(3.) On the basis of the above audited balance sheet, the Board of Directors of the company passed a resolution on 18th September, 2008 approving a scheme of arrangement with its unsecured creditors because there were no secured creditors in the company. Pursuant thereto, a petition under Sections 391/394 of the Companies act, 1956 was filed by the company being CA (M) No. 162/2008 along with list of unsecured creditors before the Company Judge. The same was allowed vide order dated 3 rd October, 2008 passed by the Company Judge.