RELIANCE CHEMOTEX INDUSTRIES LTD Vs. KISHANGARH FABRICS LIMITED

JUDGEMENT

(1.) The Official Liquidator has filed Company Application No.6210/13 seeking permission to declare the full and final dividend to the secured creditors, workmen & preferential claim, pursuant to Rule 275/276 read with Rule 9 of the Companies (Court ) Rules, 1959 ( for short "the Rules"). Yet another Company Application being No.624/14 has been filed by the State Bank of India, a secured creditor, seeking directions to the Official Liquidator to pay the dues as admitted by him against the debt of the Company under liquidation.

(2.) The Company M/s. Kishangarh Fabrics Limited, Bhilwara has been ordered to be wound up by this court on the Company Petition filed by the Company M/s. Reliance Camotex Industries Private Limited, under Section 433 read with Section 439 of the Companies Act, 1956 (for short "the Act"), vide order dated 18.10.02 and the Official Liquidator attached to this court was appointed as its liquidator from the date of passing of the winding up order and further to take charge of all properties, assets, the books and papers of the Company in liquidation.

(3.) Pursuant to the order passed by this court as aforesaid, the properties and assets of the Company were taken possession of by the Official Liquidator. After approval of this court, the land and building of the Company in liquidation were sold for a consideration of Rs.97,35,000/- to M/s. PSM Realmart Private Limited, Shriji Complex, Pur Road, Bhilwara. The sale of the property of the Company was confirmed by this court vide order dated 21.10.08 and pursuant thereto, the possession of the property was handed over to the purchaser on 1.2.08.