SST MEDIA PRIVATE LIMITED Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This appeal is at the instance of one of the two unsuccessful applicants for stay of winding up of a company in liquidation and is directed against order dated January 8, 2010 by which the learned Company Court has dismissed two applications, one under section 466 and the other under section 457 of the Companies Act.

(2.) Being dissatisfied, one of the original applicants has come up with the present appeal.

(3.) The facts giving rise to filing of this appeal may be summed up thus: a) One SST Media Private Limited, running a news channel by the name of Kolkata TV, was directed to be wound up by the learned Company Court on May 21, 2009 in C.P. No.39 of 2009 at the instance of one of the creditors thereof. Several other winding up petitions filed by the creditors were pending and the liability of the company, as it appears from the break-up given in the application, was in the region of Rs.74 crore. b) The Official Liquidator, consequent to the order of winding up, when went to take possession, was prevented from taking possession of the assets of the company in liquidation and thereafter, one Shri Dayal Saha and another Shri Pradip Bandyopadhyay (appellant before us), claiming to have been authorised by the employees of the company in liquidation moved C.A. No.651 of 2009 under section 466 of the Companies Act thereby praying for the following relief: