THERMOPACK INDUSTRIES Vs. AJAY ELECTRICAL INDUSTRIES LTD

JUDGEMENT

(1.) THE applicant was a promoter, as well as an Ex-Director, of the company M/s ajay Electrical Industries Ltd. In 1994, after it had incurred heavy losses, the company filed a reference to the Board of Industrial and Financial reconstruction (BIFR) under Section 15 (1), SICA. The BIFR ordered the winding up of the company on 25 th September, 2000. In appeal, the AAIFR affirmed that order. Consequently, on 9th March, 2004, this Court ordered the winding up of the company and appointed the Official Liquidator attached to this Court, as the provisional liquidator to take over its assets. Pursuant to this order, the factory of the company at mohali is lying sealed under the custody of the provisional liquidator. The ex-management of the company has also filed Co. Appln. No. 1310/09, proposing a scheme for revival of the company, which is pending consideration in this court.

(2.) BY the instant application, the applicant prays for de- sealing of the factory premises of the company at Mohali, since the company has taken various steps towards settling the claims of its secured and preferential creditors and all the unsecured claims admitted by the provisional liquidator, details whereof have been given in the instant application. It is stated that the ex-management has already settled claims to the tune of Rs. 1163. 18 lakhs, and that the only remaining claim that is yet to be settled is that of the Provident fund Commissioner, Chandigarh, of Rs. 47,59,197/ -. It is also alleged that the instant application has been necessitated so that the ex- management may be given an opportunity to also repair the premises that have become dilapidated and run down. It is also averred that in this way, if the scheme for revival is sanctioned by this Court, the same may be in working condition without any further delay.

(3.) IN reply, the Official Liquidator states that apart from the bill of the security agency for the period up to 31st December, 2009, amounting to Rs. 10,11,191/- and the aforesaid claim of the Provident Fund Commissioner, chandigarh, which has been admitted as a preferential claim, no other claims are pending adjudication in respect of the respondent company.