DELAMINE BV Vs. BETA NAPTHOL LIMITED

JUDGEMENT

(1.) THIS company petition is filed by the creditor of the respondent-Company on the ground covered under Section 433 (e) of the Companies Act, it is the case of petitioner that their money dues are outstanding on the respondent-company and despite the demand made and statutory notice served as required under Section 434 of the Act on the respondent company, the same not having been paid, the need to file this company petition under Section 433 (e) of the Act i. e. on the ground of inability to pay debt has arisen.

(2.) IT is not in dispute that during pendency of this company petition, the respondent company was declared as sick industrial company by BIFR under the provisions of the SICA and eventually the BIFR by order dated 23. 5. 2000 passed under Section 20 (2) ibid referred the case of respondent-company to this Court for passing the winding up of company. It was held by BIFR that the respondent company is not a viable company, that it has lost its substratum, that its entire net worth is totally eroded, that there is no chance of it becoming a running concern, and hence, it was sent to this Court for passing a final winding up order in accordance with the provisions of Section 20 (2) of SICA. This Court has accordingly received the said reference. It is registered as Company Petition No. 26 of 2002. It is pending for passing final winding up order in relation to respondent company.

(3.) IN view of aforesaid admitted fact namely that proceeding for passing final winding up orders in relation to respondent company are pending and the same are being examined by this Court, there is no point in entertaining this petition, nor there is any point in keeping this petition pending, nor there arise any point in hearing this petition along with the said company petition i. e. 26 of 2002 for the simple reason that petitioners will have to now prove their claim/debt before O. L. now to be appointed in other company petition like any other claimant/creditor. This Court would be examining the claims of several creditors through and with the aid of O. L. for passing a final order of winding up. Under these circumstances, the petitioner will have to submit its claim with proof in those proceedings in accordance with the provisions of Companies Act.