RE-HOFFLAND FINANCE LTD. Vs. STATE

JUDGEMENT

(1.) This winding up petition is filed by Reserve Bank of India under Section 45 MC of the RBI Act seeking winding up of the respondent Company. It has been stated in the petition that the respondent company is a non-banking financial company and has been found to be in grave default of the depositors. On 12.10.1999, this court appointed the Official Liquidator (hereinafter referred to as the 'OL') as the Provisional Liquidator.

(2.) This court on 10.09.2004 under section 457(v) noted that the office of the OL would not be fully equipped to expeditiously undertake the enormous task required to complete the winding up process of the Hoffland Group of Companies. The court appointed a Committee.

(3.) Both these applications are filed by Goga Foods Limited. CA 652/2007 is filed by the said Goga Foods Limited seeking a direction that the said applicant company is not a part of the Hoffland Group of Companies and, therefore, be deleted from the list of companies being treated as part of Hoffland Group of Companies. Direction is also sought that no action be taken against the land, building and properties of the applicant company. CA 1445/2013 is also filed by Goga Foods Limited for a direction to frame issues and allow the parties to lead evidence on the question involved i.e. whether Goga Goods Ltd. can be treated as part of the Hoffland Group of Companies/whether its assets were bought out of funds belonging to Hoffland Finance Ltd.