KANPUR EXPORTS PRIVATE LIMITED Vs. SUDHIR KUMAR PARASRAMPURIA

JUDGEMENT

(1.) This is creditors winding up petition filed under Clauses (e) and (g) of Section 438 and 434 of the Companies Act, 1956.

(2.) M/s. Kanpur Exports Private Limited, a company incorporated on 19th June, 1979 under the Indian Companies Act, 1956 having its registered office at 7/169, Swaroop Nagar, Kanpur is being sought to be wound up, by means of the present petition. Its Director Smt. Pushpa Saraf and Sri Mohan Lal Saraf in their capacity as Directors of the Company aforesaid, on 12th June, 1986 executed an agreement to sell in respect of a piece of land in favour of Jai Narain Parasrampuria (since deceased) for a total consideration of Rs. 11 Lakhs out of which Rs. 10 Lakhs was paid, in advance. It was agreed upon that the remaining amount of Rs. 1 Lakh was to be paid at the time of execution and registration of the sale deed.

(3.) On failure of the Respondent Company to execute the sale deed, a suit for specific performance of contract to sell being suit No. 537 of 1984 was filed in Civil Court, Kanpur. As found therein, during the pendency of the above suit, the plaintiff took forcible possession of the land in question and also demolished the existing building thereon. The suit was decreed by the trial court by its judgment and decree dated 22nd of October, 1992 which was set aside in first appeal No. 681 of 1992 at the instance of the Directors of Respondent Company (hereinafter referred to as Sarafs), the matter ultimately travelled to the Apex Court at the instance of the present petitioner, his wife and son as in the meantime Sri Jai Narain Parasrampuria in whose favour the agreement to sell was executed has died. They have been referred as Parasrampurias. The Apex Court examined the matter in detail and has held that conduct of both the parties is blameworthy. The value of the property is now said to be a Crore. The appellant has deposited a sum of Rs. 10 Lakhs as far as back on 12.6.1984. Appeal was allowed to the extent mentioned therein and besides other things, passed a decree against the Sarafs to refund the amount of advance of Rs. 10,00,000/- with interest at the rate of 12% per annum and furthermore pay compensation to the extent of Rs. 50,00,000/-.