SUMESH CHADHA Vs. PINE PAPERS (P) LTD

JUDGEMENT

(1.) HEARD learned counsel for the parties. Appellant Sumesh Chadha is a guarantor for the loan taken by M/s Desh Whether reporter of local papers are allowed to see the judgment Raj Papers (P) Limited, a registered company under the Companies Act, 1956. Proceedings for winding up of the loanee company, under the Companies Act, were initiated by M/s Himachal Pradesh Mineral and Industrial Development Corporation Limited, a company established under the Companies Act, 1956 on account of the persistent defaults of repayment of the loan amount committed by the loanee company. In the loan agreement, loanee company disclosed its registered office at Barotiwala, District Solan, HP. Undisputedly, this Court, in a petition for winding up of the loanee company, passed order of winding up on 14.7.1997. Thereafter, Civil Suit No. 18/98 for recovery of the amount of Rs. 1,14,75,463/- was also instituted against the loanee company in which amongst others, present appellant Sumesh Chadha was arrayed as defendant No.3. Notice in the suit was issued in the year 1998 itself and the instant applicant not only entered appearance but also filed amended written statement in the year 1998 itself. Hence, undisputedly, Sumesh Chadha was aware of proceedings of winding up initiated against the company as also orders of winding up passed by this Court.

(2.) LATER on in the winding up petition, on 25th April, 2011, Sumesh Chadha, filed an application in the very same petition in which winding up order was passed by this Court, seeking recall of such order dated 14.7.1997. Notice in the application was issued and the learned Single Judge of this Court, has now dismissed the same in terms of impugned order on the ground that applicant Sumesh Chadha has not been able to satisfactorily explain the delay in filing the application between the period commencing from 14.7.1997 upto 25th April, 2011.

(3.) OUR attention has been invited to the certified copy obtained by M/s Desh Raj Papers (P) Ltd from the office of Registrar (Jallandhar) to show that registered office of the Company is situate at 78, Industrial Area, Chandigarh. Thus, it is urged that that not only this Court did not have jurisdiction to pass the order of winding up, but also application filed before the learned Single Judge was within time. We do not find favour with such submissions made by learned counsel for the applicant for the reason that in the loan agreement itself, registered office of the Company is recorded as Barotiwala, Himchal Pradesh. Significantly, original loanee, i.e. M/s Desh Raj Papers (P) Ltd has also not assailed the order of winding up of the company on this ground. We find that for one reason or the other, proceedings are being initiated without any justifiable reason or ground just to defeat the rights of the loaner.