MONARK ENTERPRISES Vs. KISHAN TULPULE

JUDGEMENT

(1.) THE Principal question which arises for consideration of the Court in these proceedings is as to whether the impugned transaction dated 18th February 1987 entered into by and between M/s. Kishco Mills Pvt. Ltd. (hereinafter referred to as `the company) and M/s. Monark Enterprises relating to transfer of leasehold rights in Plot No. 10, Government Industrial Estate, Kandivli, Bombay, and the structures thereon is liable to be treated as void ab initio or is liable to be annulled by the Company Court under one or the other provisions of the Companies Act I of 1956 (hereinafter referred to as `the Act ).

(2.) ON 12th August, 1987, Shri Kisan Tulpule, Shri Ramakrishna Venkat, Shri Satyanarayan Ramourat Tripathi and Shri Ramtirath Sukhanarayan Kahar, in their capacity as representatives of Mill Mazdoor Sabha, an approved and recognised Union for textile processing industry, representing the workmen of the company, filed a winding up petition in this Court, being Company Petition No. 756 of 1987. The petitioners sought winding up order against the said company on the ground of non-compliance with the notice of demand of Rs. 70. 74,282. 59, being notice of demand dated 13th July, 1987. The said petition was declared on 5th August, 1987 and was filed on 12th August, 1987. It was inter alia averred in the petition that the company had resorted to illegal lock-out in July 1986. The company employed about 423 workmen at the material time.

(3.) ON 9th June, 1988, this Court passed an order for winding up of the company. The winding up order relates back to the date of presentation of the petition i. e. , 12th August, 1987. By the said order, the Official Liquidator, High Court, Bombay, was directed to perform all the functions of Liquidator of the said company as contemplated under the Act.