1989 (12) TMI 244 - HC - Companies Law

Summary

Issues: Jurisdiction of the court, Sanction for filing the petition, Limitation period, Validity of payments made, Entitlement to interest, Relief sought.

Jurisdiction of the Court: The court decided in favor of the petitioners regarding its jurisdiction to try the claim. The learned company judge ruled in favor of the petitioners and against the respondents in this regard.

Sanction for Filing the Petition: The court held that the petitioners had obtained the necessary sanction from the court before filing the petition, citing an order passed by the learned company judge in a previous case.

Limitation Period: The court referred to a Division Bench decision in a similar case to determine the limitation period. The court decided in favor of the petitioners based on the interpretation of the limitation period provided by the relevant law.

Validity of Payments Made: The court heard testimonies from various parties involved, including the official liquidator and respondents. The court noted discrepancies in the authorization of payments, lack of written orders, and contradictory statements from the respondents. Ultimately, the court ruled against the petitioners, stating that they were not entitled to claim a refund of the payments made.

Entitlement to Interest: Due to the court's decision on the validity of payments, the issue of interest did not arise, and the court ruled against the petitioners on this issue as well.

Relief Sought: The court dismissed the petition without any order as to costs based on the findings and decisions made on the various issues discussed during the proceedings.