2023 (7) TMI 1188 - HC - Companies Law

Corporate Liquidation and Asset Disposal - Seeking impleadment on account of being a necessary party in the current petition - sole and absolute owner of the properties - claim of the Applicant is that the land could fetch at least a sum of Rs. 75,000/- per month, but the Applicant has been unable to put the same to use in light of the possession by the OL. HELD THAT - In the present case, the Provisional Liquidator was appointed in 2017. However, the winding up is not at an advanced stage. No auction has been conducted, no claims have been invited. Clearly the winding up process could consume considerable time. Accordingly, the present company petition is transferred to the NCLT. The entire record of the present petition shall also be remitted in the electronic form to the Registrar, NCLT, and the same shall be listed before the NCLT. All the parties appearing before the Court are also permitted to appear before the NCLT on 3rd August, 2023. The OL shall continue to exercise the control over all the properties of the Company under liquidation, subject to any orders that the NCLT may pass in future. Insofar as the securing of assets is concerned, the expenses incurred till 1st August, 2023 shall be paid by the OL. The same shall be reimbursed by SBI, and PNB by 14th August, 2023. SBI and PNB are free to claim the same as part of the debt against the Company. The NCLT shall pass appropriate orders to secure the assets. Until the NCLT passes appropriate orders regarding securing the assets, SBI and PNB shall bear the expenses of the security agencies. List before the NCLT 3rd August, 2023.

Summary

Issues Involved:
1. Impleadment and release of land to Mr. Ramesh Aggarwal.
2. Application by M/s Natural Oil and Gas Services Ltd. for machinery release.
3. Application by Mr. Dahyabhai Maneklal Patel for land release.
4. Transfer of winding-up petition to NCLT.

Summary:

1. Impleadment and Release of Land to Mr. Ramesh Aggarwal:
The Applicant, Mr. Ramesh Aggarwal, sought impleadment in the petition, claiming ownership of certain properties in West Tripura. He leased the land to Natural Oil and Gas Services Ltd., a subsidiary of the Company in liquidation, but faced issues with rent payment and possession. The OL verified the Applicant's documents and found them in order. The Court directed that the land be released to the Applicant after the NCLT or IRP/RP deals with the disposal/sale of the heavy machinery and parts of the rigs on the property.

2. Application by M/s Natural Oil and Gas Services Ltd. for Machinery Release:
M/s Natural Oil and Gas Services Ltd. disputed its status as a wholly-owned subsidiary of the Company in liquidation and sought the release of machinery. The application was kept pending and referred to the NCLT for comprehensive consideration along with the main matter.

3. Application by Mr. Dahyabhai Maneklal Patel for Land Release:
Mr. Dahyabhai Maneklal Patel claimed ownership of land in Gandhi Nagar and sought its release. The OL verified the Applicant's documents and found them in order. The Court directed that the land be released to the Applicant after the NCLT or IRP/RP deals with the heavy machinery and parts of the rigs on the property. The Applicant was permitted to raise claims for arrears of the license fee before the NCLT.

4. Transfer of Winding-Up Petition to NCLT:
Two secured creditors, PNB and SBI, sought the transfer of the winding-up petition to the NCLT under Section 434 of the Companies Act, 1956. The Court noted that the winding-up process was not at an advanced stage and transferred the petition to the NCLT. The OL was directed to continue controlling the properties of the Company under liquidation until further orders from the NCLT. The expenses incurred for securing the assets were to be reimbursed by SBI and PNB, who could claim them as part of the debt against the Company. The matter was listed before the NCLT on 3rd August 2023, and all further applications were to be considered by the NCLT.