AJANTA LEATHER FASHIONS PVT. LTD Vs. STATE

JUDGEMENT

(1.) The figures as to the pending petitions as indicated herein are extracted from the company's affidavit filed in CP No. 17 of 2014, affirmed by Ashok Kumar Mohanti on July 30, 2015. There are nine creditors' winding -up petitions pending against the company. Three of them have been admitted: of Hellman Worldwide Logistics India Private Limited for Rs.7,77,587; of G.R. Suppliers for Rs.35,03,161/ - together with a composite amount of Rs.2 lakh as interest; and, of Technova Tapes (India) Private Limited for a principal sum in excess of Rs.2.16 lakh (since the first instalment under the order of admission was paid) together with interest at 8% per annum from January 25, 2014. Of the six other petitions, affidavits have not been filed by the company in at least four of them despite directions in such regard having been issued.

(2.) According to the company's said affidavit, the total principal claim of the creditors who have filed petitions in this Court is Rs.92,31,984.99. The figure should be lower by the amount on account of the first instalment under the order of admission paid to Technova Tapes. In addition, three supporting creditors have filed affidavits: Vijay Solvents and Thinners Limited has a claim of about Rs.2.93 lakh for supply of goods which appears to have been admitted in a letter issued by the company; B.G. Enterprises claims to be another trade creditor for Rs.16.44 lakh and Sunil Traders claims a further sum of Rs.5.54 lakh for goods supplied. It will appear from an order of July 9, 2015 that the company has been dangling the carrot of an immovable property in the Rajarhat -Gopalpur area to keep the creditors at bay. Initially, the property did not even stand in the name of the company or, at any rate, there was a dispute with the previous management as to whether the company was entitled to the land. These petitions were adjourned to enable a solution of the dispute pertaining to the land to be arrived at before a special officer was appointed to invite offers for sale of such land.

(3.) The orders passed in these matters will reveal that the company claimed the value of the land to be well in excess of the dues of the several creditors who have either filed petitions or otherwise applied in this Court. In fact, the submission on behalf of the company was that since the company anticipated that other creditors would also lodge claims, the surplus of the consideration after selling the land could be deposited in Court for the future petitioning creditors to be paid off therefrom. Such a submission implied that the entirety of the permissible claims of the present creditors would be discharged from the sale price. The Rajarhat -Gopalpur property did not attract many buyers, particularly, with a reserve price of Rs.1.60 crore being fixed therefor. A solitary offerer accompanied the special officer to the interiors beyond New Town and backed out. There are no offers on record today.