ALAKNANDA SPONGE PRIVATE LIMITED Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This is an application seeking directions on the Official Liquidator to publish a sale notice in respect of the assets of Maheswary Ispat Limited [the company (in liquidation)].

(2.) The admitted facts of this case are that, by an order dtd. 21/6/2016 read with the order dtd. 28/11/2016, Maheshwary Ispat Limited was directed to be wound up. Pursuant to the aforesaid, the Official Liquidator had taken possession of the assets of the company (in liquidation) as far back as in 2017 and 2018. Admittedly, none of the assets of the company (in liquidation) have been sold till date.

(3.) In view of the aforesaid, a point of jurisdiction has arisen as to whether this Court has the power to exercise jurisdiction in view of the 5th proviso of Sec. 434(1(c) of the Companies Act, 2013 ('the Act'). By an amendment dtd. 7/8/2018, the 5th proviso to Sec. 434(1(c) was added which provides as follows:-