Gujarat Court May 1975 Judgments

Mansukhlal Vs. M.V. Shah, Official Liquidator, Liquidator of Hathising ...

Court: Gujarat

Reported in: [1976]46CompCas279(Guj); (1976)GLR592

D.A. Desai, J.1. This summons is a sequel to a very unfortunate tragedy of an unprecedented character that occurred in the process of reviving, rejuvenating and resuscitating a sick production unit in this city. Hathising . ( in liquidation), hereinafter referred to as 'the company', was ordered to be wound up way back by an order made in 16th August, 1965, in Company Petition No. 9 of 1965. Since then, the spinning unit of the company remained idle and in the process got deteriorated over a period of a decade. Number of litigations by persons having rival interests in the company flooded the court. It was somewhere in 1972 that there appeared on the scene late Shri Chhotalal Devchand Shah who came forth with a scheme of compromise and arrangement through Shri Rajendrakumar Maneklal field Company Application No. 43 of 1972, under section 391(1) of the Companies Act, 1956, praying for directions for convening the meetings of the equity shareholders and different kinds of creditors and o...