K L VARADARAJAN Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This is an application under Section 446 (3) of the Indian Companies Act, 1956 for transferring O.A.No. 814 of 1997 pending on the file of Debt Relief Tribunal, Bangalore and O.S.No. 238 of 1991 pending on the file of Subordinate Judge, Tirupathi to the file of this Court to be tried along with C. A.No. 32 of 1996, while C.A. 83/99 has been filed for interim stay of the aforesaid proceedings.

(2.) Mopeds India Limited has been ordered to be wound up in C.P.No. 48 of 1989 on 17-10-1990. Sri Kalyana Srinivasa Textiles Private Limited has also been ordered to be would up in C.P.No. 32 of 1991 on 19-11-1993. The 2nd respondent i.e., Canara Bank had filed O.S. 139 of 1990 on the file of the Subordinate Judge, Tirupathi against Mopeds India Limited on the strength of hypothecation deed. It had obtained permission to stay outside the winding up proceedings in C.A. 221 of 1990 on 7-12-1990 on terms. Later, O.S.No. 139 of 1990 has been transferred from the Court of Subordinate Judge, Tirupathi to the Debt Relief Tribunal, Bangalore and it has been registered as C. A.No. 814 of 1997. The third respondent i.e., the A.P. State Finance Corporation Limited (for short APSFC) has obtained leave of this Court on 28-12-1994 for disposing off the properties of M/s. Mopeds India Limited now in liquidation and in pursuance thereof the assets in question had been sold by APSFC and the proceedings are kept under suspense account of APSFC and Canara Bank. The Official Liquidator is yet to quantify the wages of workmen of M/s. Mopeds India Private Limited. It is reported that proceedings for quantifying the wages of workmen are pending before the Official Liquidator in pursuance of the orders passed in C.A.No. 32 of 1996 in O.A.No. 814/1997 pendingbefore the DebtRelief Tribunal, Bangalore against M/s. Moped India Private Limited now in liquidation. The Official Liquidator has also been impleaded as a party to the proceedings.

(3.) One K.V. Srinivasan and T.V. Chowdary have filed a suit in O.S. 238 of 1991 on the file of Subordinate Judge, Tirupathi against M/s. Sree Kalyana Srinivasa Textiles Private Limited, now in liquidation and K.L. Varadarajan and the 2nd respondent i.e., Canara Bank for declaration that the alleged guarantee deed dated 19-1-1985 is void and therefore it is not binding on the said Company liquidation. It is reported that the suit had been dismissed in default, and application for restoration is pending. It is also alleged that the moveable properties belonging to Mopeds India Limited (now in liquidation) have been disposed off by the 2nd respondent i.e., Canara Bank.