RATNA COMMERCIAL ENTERPRISES LTD. Vs. VASU TECH LTD.

JUDGEMENT

(1.) THE petitioner has filed the present petition for winding up of the respondent -Company under Section 433(e) and (f) read with Section 434, 439(1)(b) of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules 1959. The controversy between the parties to the lis has already been reflected in the order dated 22.4.2009 whereby this Court considering the detail arguments and case law admitted the petition and the factum of admission was ordered to be published in the newspapers Indian Express, Times of India, Delhi Edition, Dainik Bhaskar (Hindi) and in the official gazette of Haryana. Thereafter vide order dated 14.10.2011 this Court considering the fact that the respondent -Company was dealing the matter by filing an appeal against the order of admission before the Division Bench and as well as was in the process of not squandering/alienating the property, appointed the provisional liquidator attached to this Court to take over the immovable and movable assets of the respondent -Company. However, considering the prayer of the respondent -Company the order of appointment of provisional liquidator was kept in abeyance till the next date of hearing i.e. 23.11.2011. But on 23.11.2011 it was brought to the notice of the Court that the respondent -Company had not paid any payment to the petitioner and Official Liquidator was directed to proceed in terms of the order dated 14.10.2011 in accordance with law. It is a matter of record that the Company Appeal bearing No. 14 of 2009 had been filed against the order dated 22.4.2009 whereby the aforementioned Company Petition was admitted and the said appeal was dismissed by the Division Bench vide order dated 10.11.2009.

(2.) AFFIDAVIT of compliance had been filed which was noticed in the order dated 8.4.2010. Since the ex -Management of the Company (in provisional liquidation) was not co -operating with the Official Liquidator and after noticing the request of the O.L. vide order dated 2.8.2012 this Court directed the provisional liquidator to initiate the proceedings under Section 454 of the Companies Act, 1956.

(3.) THE Official Liquidator was directed to give intimation to all the bidders to participate in the bid of lot No. I and II. The bidders were directed to bring the Demand Draft in favour of the Official Liquidator to the extent of 10% of the amount to be offered by them for the purpose of purchase of any assets of the Company (movable/immovable).