ASHWANI KUMAR Vs. WINSOME TEXTILES INDUSTRIES LTD.

JUDGEMENT

(1.) COMPANY petitions No. 416 of 2002 was presented by Winsome Textile Industries Ltd. under Section 439 read with Sections 433 and 434 of the Companies Act for winding up of M/s Mangla Context Limited, a company incorporated under the Companies Act. This Company was ordered to be wound up by order dated 16.1.2004 and official liquidator was appointed as the Liquidator of the company to take over the movable and immovable assets and properties of the Company. Subsequently, the assets and properties of the company were put to sale through the advertisement published in The Tribune in its issue dated 22.4.2006. Two applications being CA Nos. 449 and 498 of 2006 have been filed for confirmation of sale.

(2.) WHILE these proceedings were pending, CA No. 387 of 2006 has been preferred by Ashwani Kumar son of Padam Kumar Jain, one of the promoters and shareholders of the Company (in liquidation) under Order 9 Rule 13 CPC for setting aside the ex parte order dated 23.3.2006 whereby this Court ordered the sale of the movable and immovable assets of the company (in liquidation) in absence of applicant. Two more CA. Nos. 815/2007 and 682/2007 have been filed for recalling the winding up order dated 16.1.2004. Simultaneously, another CA No. 364 of 2006 was preferred seeking stay of the operation of the winding up order. In this CA, the Company Court passed order dated 18.5.2006 which reads as under:

(3.) IN the meantime, C.A. No. 650 of 2006 came to be filed by the Canara Bank, one of the secured creditors for its substitution as petitioner -creditor in the winding up petition or impleadment as petitioner No. 2 therein. Vide order dated 16.11.2006, the Company court directed the transposition of the Canara Bank as petitioner in winding up petition i.e. CP No. 416 of 2002 and permitted to continue with the winding up petition earlier filed by Winsome Textile Industries Ltd.