OFFICIAL LIQUIDATOR OF ACE LABORATORIES LIMITED (IN LIQUIDATION) & IN THE MATTER OF PADMAWATI SUGARS LIMITED Vs. OFFICIAL LIQUIDATOR OF ACE LABORATORIES LTD. (IN LIQUIDATION)

JUDGEMENT

(1.) These applications have been filed under Section 446 of the Companies Act, 1956 (for short 'the Act of 1956') read with Rules 6 and 9 of the Companies (Court) Rules, 1959 (for short 'the Rules of 1959') to seek leave of this Court for confirmation of sale of the properties of ACE Laboratories Limited. Brief Facts of the Case :

(2.) The Magma Fincorp Limited filed a suit before Calcutta High Court against ACE Laboratories Limited. The suit was decreed on 28th September, 1999. A Receiver was appointed vide order dated 21st December, 1999 for execution of decree. The Receiver took physical possession of the property. The Calcutta High Court passed an order on 8th February, 2000, 19th September, 2002 and 14th January, 2003 for sale of property by way of public auction.

(3.) On the other hand, a winding up petition against ACE Laboratories Limited was presented by the creditors before the Rajasthan High Court, Jaipur Bench on 21st December, 2002.