RAJ CHIKITSA PVT. LTD. Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) Heard learned counsel for the petitioner and learned counsel for the Registrar of Companies and the Intervenor. The application has been filed under Section 560(6) of the Companies Act, 1956 for restoration of the petitioner-Company to the register of Companies by setting aside the Gazette Notification published in the Gazette of India dated 2nd - 8th June, 2007.

(2.) The petitioner-Company was incorporated under the Companies Act, 1956 on 22.4.1988 and an amount of Rs. 80 lacs was sanctioned by the Bihar State Credit and Investment Corporation (BICICO) in the year 1990 to the Company for starting a Hospital in the name of the Company. The said venture incurred huge loss and had to be closed in the year 1995. As on 31.3.1995 the liability of the Company towards BICICO was Rs. 59,38,571/-. BICICO, acting under Section 29 of the SFC Act, 1951, took over the assets/possession of the said Hospital on 16.2.2002. The assets were advertised for sale but it is stated that the said sale has not been finalized and a writ application with respect to the same has been admitted for hearing by this Court on 13.9.2010 and is pending for hearing.

(3.) It may be pointed out that the land on which the Hospital's building was constructed, does not belong to the Company but was given on lease for 25 years ending in the year 2015 by the owners of the land who were also the major shareholders and their family members are the Directors of the Company. In the said lease deed it was stated that lessees have first right of extension of lease but if the lease was ultimately not extended the building would pass on to the lessor.