MASCOT ENGINEERING COMPANY LTD Vs. EASTERN MEDIKIT LTD

JUDGEMENT

(1.) CA 1948/2017 is filed under section 391 of the Companies Act praying to recall the winding up order and to approve revival of the company M/s. Eastern Medikit Limited (EML) under the revival scheme. This application is filed by Eastern Medikit Ltd. Employees Welfare Munch (Regd.) The application CA 297/2018 is filed by All Eastern Medikit Employees Union under Rule 9 of the Company (Court) Rules, 1959 seeking to permit the applicant and its' members to clear the dues in terms of the application.

(2.) This court on 10.5.2013 had admitted the present petition and appointed the Official Liquidator as the Provisional Liquidator.

(3.) It is the claim of the applicant that the respondent was a solvent company and did not loose its substratum hence winding up order should not have been passed. It is pleaded that in the balance sheets of the company for the period ended on 31.3.2012 the company was sound and robust. As per balance sheets for the period ending on 31.3.2011 the company was having Reserves of Rs.42 crores against paid up capital of Rs.9.54 crores.