LIQUIDATOR Vs. REGISTRAR OF COMPANIES AND ORS.

JUDGEMENT

(1.) These two applications are made for directions under Section 518 of the Companies Act (1 of 1956) (to be hereinafter referred to as "the Act") in the following circumstances.

(2.) The petitioner in both these applications is the liquidator in the members' voluntary winding up of M/s. Motor Fin. (P) Ltd. The said company went into voluntary liquidation with effect from October 1, 1967. In the course of the liquidation, the petitioner (hereinafter referred to as " the liquidator ") realised an amount of Rs. 80,500 in respect of which directions are sought. This amount was payable to a creditor of the company, late Raja Venkata Mutyam Rao, who died on November 13, 1965. The amount which was realised, as part of the assets of the company, was invested in a scheduled bank, as required under Section 553 of the Act. Late Mutyam Rao left behind respondents Nos. 2 to 9 in Application No. 53 of 1968, his heirs-at-law. There were differences among them with regard to the division of the properties of late Mutyam Rao. By an agreement of parties their differences were referred to arbitration.

(3.) The arbitrators gave their award on July 11, 1968. An application was was made to the District Court, Karimnagar, to pass a decree in terms of the award. The matter was pending as O.P. No. 76 of 1968 in the District Court of Karimnagar, when Company Application No. 53 of 1968 was made to this court seeking directions on September 26, 1968, and the learned counsel was taking time for production of a certified copy of the decree passed in terms of the award, but it was not filed. So, a certified copy was called for by this court which was received on February 25, 1969.