GOPU BALA REDDY Vs. BRG ENERGY LIMITED

JUDGEMENT

(1.) This Company Application is filed to declare the action of 2nd respondent in proceeding against the assets of the Company-in- Liquidation i.e. land and buildings situated at plot No.40, admeasuring 20,675 sq. meters in Sy.Nos.315, 317, 318, 319 and 336, Phase-I, Industrial Park, Pashamylaram village, Patancheru Mandal, Sangareddy District by initiating sale of the same without obtaining leave of the Hon'ble High Court as arbitrary, illegal, void, ab initio and contrary to the provisions of the Companies Act, 1956 (for short 'the Act') and consequently direct the 2nd respondent-Bank to obtain necessary leave of the Hon'ble High Court to stay outside the winding up proceeding with the sale of the asset of the Company-in-Liquidation or reaching an OTS with the 3rd respondent Company.

(2.) Heard Sri L.Venkateshwar Rao, learned counsel for the applicant, Sri J.Sreenadh Reddy, learned counsel for the Official Liquidator and Sri B.S.Prasad, learned Senior Counsel appearing on behalf of 2nd respondent, and perused the record.

(3.) The applicant herein claiming himself to be a former Director of the 1st respondent Company-in-Liquidation, filed the present application. By the present application, the applicant claims that the 2nd respondent is proceeding with the sale of the immovable assets of the Company-in-Liquidation without obtaining leave of the Court under Sec. 446(1) r/w Sec. 537(1) of the Act, which action of the 2nd respondent, it is contended would make the action of e.aucion as null and void.