9911796707
TMI Blog2005 (9) TMI 323X X X X Extracts X X X X X X X X Extracts X X X X ..... August 3, 1979. A former director filed C.P. No. 31of 1993 under section 391 of the Companies Act, 1956, seeking sanction of the scheme of arrangement propounded therein. On the other hand, the landlord of the premises filed objection to the said scheme. The official liquidator rejected the scheme. The learned company judge vide the impugned order dealt with C.P. No. 64 of 1978 in which the winding up order dated August 3,1979, was passed. After winding up of the company, an application was moved before the company judge and partial stay was granted on August 28, 1984. The same has also been reproduced in the impugned order by the learned company judge. An eviction petition (E. No. 210 of 1900) was filled by the landlord seeking eviction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as modelled the requirement of law was for submission of a scheme for rehabilitation for satisfaction of the debts of the company and a proposal for a scheme of arrangement of affairs and the court was to call the meeting of the creditors under section 39 of the Provincial Insolvency Act and to have seen whether the approval was granted as proposed. Mr. Khanna contended that company has deposited a sum of Rs. 1 lakh for payment to the creditors and in the event of the scheme being sanctioned, the amount deposited by the appellant was sufficient to ensure full payment to the creditors. Mr. Khanna vehemently contended that when the propounder of the scheme had deposited the amount, it was incumbent upon the court to have sanctioned the scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eek revival of the route permits on behalf of the company and to take steps to revive the activities of the company, he would be willing to deposit in the account of the company in any bank a sum of Rs. 1,00,000 and accept and reasonable condition that may be imposed by the court with regard to withdrawal of the amount from the account. He further states that he is willing to enter into an appropriate arrangement with the petitioning creditor in accordance with law. I would, therefore, partially stay the winding up and permit the applicant to act for and on behalf of the company for the purpose of obtaining renewal of the route permits and do all other things that are necessary for the purpose of consultation with the official liquidator. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditors claim is not known as nothing has come on record as no provision has been made in respect of their dues. Therefore, the argument advanced by learned counsel for the appellant that in view of the fact that the shareholders in relation to 75 per cent, of the holding of the company has passed the resolution for sanction of the scheme cannot revive the scheme as the company has lost its net worth. Even otherwise the regional director also opposed the scheme and objected to the scheme on the ground that the object of the scheme cannot be achieved unless the claims of the creditors are settled by the official liquidator under sections 529, 529A and 530 of the Act and until and unless they are paid in full before revival of the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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