JAMEELA BANO Vs. STATE OF RAJASTHAN

JUDGEMENT

(1.) By the instant application under Sections 446 and 537 of the Companies Act, 1956 (for short '1956 Act'), the applicant has prayed as under:

(2.) Contextual facts depict that the company M/s. Kesri Vanaspati Products Limited was ordered to be wound up by Hon'ble High Court vide order dated January 23, 2004 and the Official Liquidator attached to this Court was appointed as Provisional Liquidator with the direction to take charge of all the property and effects of the company in liquidation. The provisional winding up order was passed on the matter forwarded by the Board of Industrial and Financial Reconstruction (for short "BIFR") vide order dated July 18, 2003 in case No. 242/2000. The charge of the assets and record of the company in liquidation situated at Maharajpura, Navai, District Tonk was taken over by the Official Liquidator on April 3, 2004. The Industrial Development Bank of India Limited, Sansar Chandra Road, Jaipur (for short 'IDBI), Vijaya Bank, Jaipur, the State Bank of Bikaner and Jaipur (for short 'SBBJ') and the Rajasthan State Industrial Development and Investment Corporation Limited (for short 'RIICO') are the secured creditors of the company in liquidation. Out of the above referred secured creditors of the company in liquidation except the RIICO the other secured creditors have already opted to remain out of the winding up proceedings.

(3.) The IDBI in response to a letter from the Official Liquidator conveyed him vide letter dated June 11, 2004 (Annexure-A/1) that it had filed an application with Debts Recovery Tribunal, Jaipur (Rajasthan) (for short 'DRT') which had decreed in its favour vide order dated August 20, 2003. Para 4 of the letter reads as under: