RAJINDER SINGLA Vs. SUMAC ENGINEERING P. LTD.

JUDGEMENT

(1.) THE petition for revival of the company has been moved at the instance of the ex -executive director and ex -managing director of M/s. Sumac Engineering P. Ltd., which was ordered to be wound up by an order of this Court in C.P. No. 59 of 1991 on May 29, 1992. The averments in the petition seeking for revival are as under.

(2.) THE company was a closely held company where the applicants had become shareholders of the company holding 175 equity shares of Rs. 100 each and along with other immediate relations they held 1,663 equity shares of Rs. 100 each. They also held 1,550 preferential shares of the company along with their relations. They had themselves given unsecured loans to the tune of Rs. 1,54,199.77 to the company prior to its winding up.

(3.) THE cost of the four industrial sheds allotted by the HSSIEC was Rs. 14,88,000 at Rs. 3,72,000 each and the company was expected to make the payment in instalments. Till the date of the order of winding up, the company had paid Rs. 1,62,000 and the company still owed a sum of Rs. 13,26,000 at the time when the company was ordered to be wound up. The industrial sheds were put up for auction pursuant to an order of the court permitting such sale on June 30, 1993 and July 28,1993, but since the offers for purchase were very poor, when the highest offer was Rs. 8 lakhs, the offer itself was rejected by the court auctioneer.