Ajit Kumar. Talukdar and ors. Vs. the Official Liquidator, High Court, Calcutta and ors. - Court Judgment

Excerpt:
the court:-this is an application under section 466 of the companies act, 1956 by the contributories to vacate the order of winding up. at the time of admission of this application and making of directions for filing affidavits, i had noted that the only real claim was that of the secured creditor bank, namely united bank of india. the company was wound up on a claim of the petitioning creditor for rs.8 lakhs and odd. today it is represented by mr.subimal mukherjee learned advocate appearing for the said contributories that a sum of rs.72 lakhs has been paid to the said bank by bank draft. such bank has issued a no due certificate. a bank draft for rs.8,01,122/= has been made over in court by the learned counsel for the applicants to the petitioning creditor. such payment has been accepted by the petitioning creditor. i have perused the affidavit in opposition of the official liquidator. he says that about a sum of rs.2,00,000/= has been expended by his office towards winding up of the company. it is also stated that about rs.14 lakhs have been collected from the tenants under the company in liquidation. therefore, the official liquidator may refund the same to the company which will open an account in due course, after deducting the above expenses. such refund will be made within two weeks from the date of notification by the company of such opening of account. therefore, the official liquidator, the only secured creditor and the petitioning creditor have no objection to the revival of the company. therefore, the winding up order dated 9th november, 1998 is set aside. the official liquidator will hand over the assets and other properties of the company in his hands to the applicants who are treated as trustees for the company, within two weeks from the date of communication of this order. c.a.no.657 of 2010 is allowed. c.p. no.12 of 1998 is also accordingly disposed of. the official liquidator and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.

Judgment:
The Court:-This is an application under Section 466 of the Companies Act, 1956 by the contributories to vacate the order of winding up.

At the time of admission of this application and making of directions for filing affidavits, I had noted that the only real claim was that of the secured creditor bank, namely United Bank of India. The Company was wound up on a claim of the petitioning creditor for Rs.8 lakhs and odd. Today it is represented by Mr.Subimal Mukherjee learned advocate appearing for the said contributories that a sum of Rs.72 lakhs has been paid to the said bank by bank draft. Such bank has issued a no due certificate. A bank draft for Rs.8,01,122/= has been made over in Court by the learned counsel for the applicants to the petitioning creditor.

Such payment has been accepted by the petitioning creditor. I have perused the affidavit in opposition of the Official Liquidator. He says that about a sum of Rs.2,00,000/= has been expended by his office towards winding up of the Company. It is also stated that about Rs.14 lakhs have been collected from the tenants under the company in liquidation. Therefore, the Official Liquidator may refund the same to the company which will open an account in due course, after deducting the above expenses. Such refund will be made within two weeks from the date of notification by the company of such opening of account.

Therefore, the Official Liquidator, the only secured creditor and the petitioning creditor have no objection to the revival of the company. Therefore, the winding up order dated 9th November, 1998 is set aside.

The Official Liquidator will hand over the assets and other properties of the Company in his hands to the applicants who are treated as trustees for the company, within two weeks from the date of communication of this order. C.A.No.657 of 2010 is allowed. C.P. No.12 of 1998 is also accordingly disposed of.

The Official Liquidator and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.