KULBIR SINGH Vs. NATIONAL CHEMICAL INDUSTRIES LTD

JUDGEMENT

(1.) A petition for winding up of M/s National Chemical Industries Pvt. Ltd. (hereinafter referred to as the said company) was filed before this Court and a winding up order was passed on 19. 2. 1981. The scheme propounded u/s 391 of the companies Act, 1956 (hereinafter referred to as the said Act) was sanctioned by the Company Judge on 1. 3. 1983 to facilitate revival of the said company. It is stated that the order sanctioning the scheme provided for no alienation of immovable properties and the Official Liquidator was made as the observer to supervise and report on the progress of revival and implementation of the scheme. The consequence of this order was stated to be the stay of the winding up order.

(2.) IT is the case of the appellant that the company was actually never revived in pursuance to the scheme and the Official Liquidator failed to report the non-revival.

(3.) THE appellant and his mother were the shareholders of the said company in terms of an arrangement arrived at and the shares were sought to be transferred. The appellant and his mother were objecting to the scheme and it is in those circumstances that the orders are stated to have been passed on 24. 9. 1984.