BRIJ MOHAN GROVER Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) ALL parties are heard. Counsel for the petitioner upon instructions states that his client is willing to raise the percentage of interest on amount payable as down payment to the workmen from 10% p. a. to 11% p. a. Mr. J. P. Cama, Counsel for Shramik Utkarsha Sabha (Hereinafter referred to as the "sabha") and Mr. Fredun D'vtre state on instructions that their clients are also willing to hike the said interest from 10. 17% p. a. to 11% p. a. The amount by way of down payment to workers offered by the petitioner thus stands increased to Rs. 1,43,471743/- and the amount as offered by the Sabha and its sponsor stands increased to Rs. 1,43,637497/- on the basis of 11% interest on their own recorded offers in this regard. These Counsel also state that on the acceptance of the scheme, their clients will pay the full value of the property as quantified by the petitioner in para-20 of the petition i. e. Rs. 52,07,50,000/- to M/s. Bali Properties and Investments Pvt. Ltd. Mr. Sanjay Singhvi appearing for the rival workers union Shramik Mahasangh (Hereinafter referred to as the "mahasangh") states that in view of these statements, the modified scheme as propounded by the Shramik Utkarsha Sabha would be preferred by his clients. Also at the stage of arguments the Advocate appearing for M/s. Bali Properties and Investments Pvt. Ltd. , submitted 2 documents, one being a xerox copy of a letter dated 12. 12. 2006 said to have been written by one Sanjay Dalmia, a director of Prateek Apparels Pvt. Ltd. , to Advocates Sanjay Udeshi and to his Advocate Rajesh Shah and an auditor's report dated 31. 8. 2006 dealing with the balance-sheet of the said company. He states that these documents could not have been placed earlier on the record since they have just been received. Hence, even at this late stage, in the interest of justice, he is permitted to place these documents on record by way of affidavit by 26. 12. 2006. All the parties have been heard on these two additional documents. Advocates Rajesh Shah and Sanjay Udeshi who are present in court state that they have never received such a letter dated 12. 12. 2006 from Sanjay Dalmia. Mr. J. P. Cama Counsel for Shramik Utkarshs Sabha brings to my notice another letter of Sanjay Dalmia also dated 12. 12. 2006 which is annexed to the affidavit of Krishna Mokal dated 12. 12. 2006. This letter is also addressed to Advocates Rajesh Shah and Sanjay Udeshi and is annexed in original. Mr. Cama states that under this letter the textile unit under the scheme will be started in the name of BLR Knits, which is a nominee within the term "sponsor" as defined under the modified scheme propounded by the Sabha. All these statements are recorded and accepted and I proceed to deal with the matter on merits.

(2.) COMPANY Petition No. 472/2006 has been filed by one Brij Mohan Grover who is a shareholder and an Ex-Managing Director of Modella Textile Industries Pvt. Ltd. , which is a company in liquidation. (Hereinafter called "the Company" ).

(3.) BY an order passed by this Court on 14. 8. 1986 in the main Company Petition No. 404/86, the Official Liquidator was appointed as a provisional liquidator of the company. In due course, the company was directed to be wound up on 11. 6. 1987 and the Official Liquidator was continued.