2014 (6) TMI 1026 - HC - Companies Law

Recall of the winding up order - amount due and payable by the company in liquidation - HELD THAT - Since the sum of ₹ 29,523/- has been permitted to be paid to the Indo Aryan Publicity, the said amount shall be deducted from the sum of ₹ 1,00,000/- which has been deposited by the applicant in C.A.No.97/2013 and the balance amount shall be paid to the applicant. Application allowed.

Summary

Issues:
1. Recall of winding up order sought by the former Director of the company-in-liquidation.
2. Settlement of dues to creditors by the Director.
3. Official Liquidator's application seeking leave to pay advertisement charges.
4. Claims due and payable by the company-in-liquidation.
5. Settlement of dues with Hescom.
6. Disposal of Company Petition and Official Liquidator's application.

Analysis:
1. The judgment pertains to a case where the former Director of a company-in-liquidation filed an application (C.A.No.97/2013) seeking the recall of the winding up order dated 09-10-2002 passed in Company Petition No. 105/2001. The application mentioned the settlement of the amount due and payable by the company to the creditors.

2. The Official Liquidator also filed O.L.R.No.241/2014 seeking permission to pay advertisement charges to Indo Aryan Publicity. It was noted that the only outstanding dues were to Hescom, Ghataprabha, and Hescom, Hubli, with no other claims received by the Official Liquidator.

3. Considering the absence of any other claims and the settlement of dues with the mentioned creditors, the Court accepted the Director's statement that other claims had been settled. The creditors did not contest any outstanding amounts, and the Court directed the applicant's counsel to serve Hescom to ascertain if they objected to the winding up order recall.

4. Hescom's representative confirmed a payment of &8377;10,18,335/- and indicated willingness to negotiate any further dues for interest with the Director. It was agreed that any outstanding amount would be recovered before reconnection of electricity, rendering the claim against the company-in-liquidation obsolete.

5. Consequently, the Court allowed the application in C.A.No.97/2013, taking O.L.R.No.241/2014 on record. The amount permitted to be paid to Indo Aryan Publicity was to be deducted from the sum deposited by the applicant, with the balance to be paid accordingly.

6. As a result, C.A.No.97/2013 was allowed, leading to the recall of the order dated 09.10.2002 in Company Petition No. 105/2001. Consequently, both Company Petition No. 105/2001 and O.L.R.No.241/2014 were disposed of as per the judgment.