STAR CHEMICALS BOMBAY LTD Vs. VITTA MAZDA LTD

JUDGEMENT

(1.) Since in all the applications the common question arises for consideration, they are being considered by this common order.

(2.) Company Application No.157 of 1999 is for validating 9 sale transactions entered into between the Company for the aggregate value of Rs.3,95,000/- against the decretal amount of Rs.17,20,000/- and such validation is prayed under Section 536(2) of the Companies Act, 1956 (hereinafter referred to as "the Act"). The applicant has also prayed for directing the Official Liquidator not to interfere with the possession of the property by the applicant. As per the applicant, the applicant had to recover the amount and the suit was filed being Summary Suit No.1698 of 1993 before the High Court of Bombay and in the said Suit a consent decree was passed on 27.6.1993. Based on the said consent decree, the applicant preferred execution proceedings before the High Court of Bombay and it is the case of the applicant that in the said execution proceedings as per the precept, the 9 plots in question being Survey No.78 were attached by the Court and thereafter pending the said proceedings the company M/s.Vitta Mazda Limited (hereinafter referred to as "the Company in liquidation) agreed to execute the sale deed for the consideration of Rs.3,95,000/-. The Company is ordered to be wound up on 27.9.1998 by this Court in the proceedings of Company Petition No.126 of 1990 and No.212 of 1994. However, as per Section 441(2) of the Act, the order of winding up has the effect from the date of filing of the petition which would be 14.8.1990 in view of the proceedings of the Company Petition No.126 of 1990 and, therefore, the present applicant has preferred this application. It may also be recorded that the applicant has stated in the application that initially the applicant did file Company Petition No.49 of 1991 and No.58 of 1993 for winding up of the Company and as per the applicant, Company Petition No.49 of 1991 was admitted in the year 1991 and the order was also passed for advertisement in the Time of India and Gujarat Mitra. It is also stated by the applicant that pending the said proceedings, Company Application No.355 of 1993 was preferred in Company Petition No.49 of 1991 by the applicant, restraining the Company from making any right issue of shares and further injunction from accepting money. However, with the consent of both the sides, as the parties were desirous to settle, the matter was adjourned to 19.5.1993. The aforesaid makes it clear that the applicant Company was aware about the proceedings of the winding up initiated by itself before this Court.

(3.) Company Application No.191 of 1999 is preferred for the relief to validate the transaction of sale of sub-plot No.126 of Final Plot No.78 admeasuring 4231.86 sq. ft. (394.14 sq., mtrs.) dated 30.11.1993 for the consideration of Rs.63,000/-. As per the application, the first applicant is a house-wife and the second applicant is the son of the first applicant, who is a practising Chartered Accountant at Mumbai.