VINAY KUMAR JAIN Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THE company in question, M/s. Srishti Video Corporation Limited, was ordered to be wound up by order dated August 16, 1999, in this case. There were four other winding up petitions against the same company made by the following concerns :

(2.) A -26 is an application by the company in question through Vinay Kumar Jain, promoter and the erstwhile managing director of the company with two other applicants, namely, Raj Kumar Jain and Ramesh Kumar Jain, with the prayer that the winding up order dated August 16, 1999, be recalled. The application is supported by the affidavit of Vinay Kumar Jain the promoter and erstwhile managing director of the company. In short, the case put forth by the company (in liquidation) is that it has made agreements with the creditors who had filed the winding up petitions for the liquidation of their debts. The proposals are afoot for finalising scheme of repayment of debts of the secured creditors also and correspondence in this behalf has been exchanged with them. Applicants Nos. 2 and 3, namely, Raj Kumar Jain and Ramesh Kumar Jain are said to be interested investors willing to invest funds for the revival of the company, some payments as earnest money is also said to have been made to the creditors who presented the winding up petitions.

(3.) I have heard Sri R. P. Agarwal, learned counsel for the applicant -company, Sri Anurag Khanna for PICUP, Sri P.K. Singhal for the syndicate Bank, Sri Vikram Nath for IIBI, Sri Pradeep Agarwal for J. G. Finance Ltd. and the official liquidator.