(1.) THIS Judges Summons is taken out by 28 applicants against the Official Liquidator of Sreeniwas Cotton Mills Ltd. , in Liquidation.
(2.) A company petition for winding up of Sreeniwas Cotton Mills Ltd. , was presented in this Court 24th October, 1983. During the pendency of this petition on 9th February, the company entered into tenancy agreements with each of the applicants, giving to the applicants on tenancy basis various portions of a godown belonging to the company and situated at Lower Parel on terms and conditions set out in the agreements of tenancy all dated 9th February, 1984. The total area so let out by the company to the applicants taken together admeasures around 20,000 sq. ft. Under the agreements an extremely low monthly rent was fixed. Each of the tenants was however, required to give a substantial security deposit. The company agreed to return the security deposit without interest to the tenant concerned on the tenant handing over vacant and peaceful possession of the tenanted premises to the company. The total amount of security deposit so received by the company was Rs. 40 lacs.
(3.) ON 25th July, 1984 the company was ordered to be wound up. An appeal from the order of winding up was dismissed by the Division Bench of this Court on 6th March, 1985.