INCON INDIA LTD Vs. A L RUNGTA

JUDGEMENT

(1.) THE petitioners have filed this application for contempt of this Court's order dated 30-1-1979.

(2.) THE brief facts of the case which are relevant for the disposal of this contempt petition are that the shareholders of M/s. Incon (India) Ltd. filed a petition for winding up the Incon (India) Ltd. under Section 439 read with Section 433 (f) of the Companies Act, 1956. This petition was admitted for hearing on 9-3-1978. An application was moved on behalf of the Rajasthan Financial Corporation, Jaipur that the Corporation may be allowed to intervene, and that the petition for winding up may be dismissed with costs. It was, inter alia, pleaded by the Rajasthan Financial Corporation that the assets of Incon (India) Ltd. , Jaipur have been taken over by the Rajasthan Financial Corporation in exercise of the powers vested in the Corporation under Section 29 of the State Financial Corporation Act, 1951. It was further contended that in view of Section 29 (5), the Corporation is entitled to sue and be sued in its name and that it is further entitled ,to oppose the winding up petition. It was also contended by the Financial Corporation that all efforts shall be made to restart the industry by leasing or disposing of the same.

(3.) AFTER hearing the parties on 30-1-1979, the following order was passed: