SUKHDEV SINGH & ORS Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) This company petition has filed under section 518(1)(b) of the Companies Act, 1956 (hereinafter referred to as the 'Act') read with Rule 9 of the Companies (Court) Rules, 1959 for complete stay on the voluntary winding up of the respondent company.

(2.) The Board of Directors in their meeting date 202012 decided to institute Member's Voluntary Winding-Up proceedings and gave the Declaration of Solvency pursuant to section 488(2) of the Act. In the Extra Ordinary General Meeting a special resolution was passed for commencement of the winding up of the company under section 484(1)(b) of the Act on 21.03.2012 and Ms. Kintoo Aggarwal, Company Secretary was appointed as Voluntary Liquidator of the said company under Section 490 of the Act.

(3.) During the course of business with Mahanadi Coal Field Limited (MCL) a dispute has arisen about the non-payment of full dues of the respondent company. Hence, the said company had filed a suit against MCL in the court of Civil Judge (Sr.Division), Sambalpur in the year 2005. The suit was decided in favour of the respondent company vide judgment dated 02.0201 Further, the MCL filed an appeal before the Orissa High Court and the Ex-directors of the said company want to contest the aforesaid appeal. Hence on 27.11.2014 the Ex-Director cum Contributories of the said company passed a resolution to restart the said Company. It is pleaded that the said Company is fully solvent as the Declaration of Solvency filed on behalf of the Board of Directors and last Audited Balance Sheet of the said company shows a surplus of Rs. 5,49,817/-.