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TMI Blog2012 (4) TMI 428X X X X Extracts X X X X X X X X Extracts X X X X ..... dents prejudicial to the company in liquidation with no other act attributed to them to arrive at a different conclusion -application rejected. - COMPANY PETITION NO. 122 OF 1995 - - - Dated:- 12-3-2012 - A.S. BOPANNA, J. K.S. Mahadevan and V. Jayaram for the Applicant. Anil Kembhavi for the Respondent. ORDER 1. The Official Liquidator has filed the instant application under Section 543 (1) of the Companies Act against the erstwhile Directors of M/s. Kamadhenu Leather Fashions Private Limited (hereinafter referred to as the 'company in liquidation'). By the said application, the applicant has alleged misfeasance on the part of the erstwhile Directors. Further, with reference to the statement of affairs which was filed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re of the claim made in the instant application and the allegation would require to be noticed keeping in view the legal position enunciated with regard to the strict pleadings and the evidence to allege misfeasance on the part of the erstwhile Directors. 5. In that regard, it would also be necessary to refer to the order passed by this Court in C.A.No.888/2006 on 23.02.2012 ( Official Liquidator of Ideal Jawa (India) Ltd. v. Sri Tehmton Rustom Irani, wherein this Court had an occasion to consider the scope of the proceedings of the present nature. In that light, I have perused the pleadings and the affidavit evidence available on record. 6. In that background, the claims made in the instant application are as follows: ( a ) A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction statement have referred to each of the contentions put forth in the application and have contended that the entire situation had arisen due to the fact that there was an order by the Hon'ble Supreme Court with regard to closure of certain industries and therefore, the activities of the company which had been planned could not be taken up and has resulted in loss. Insofar as the claim relating to the company's property in Vanyambadi. it is contended that the property was hypothecated to SIDBI and the said financial institution had taken over the properties being the secured creditors. Insofar as the property of the Bangalore unit is concerned, it is contended that the Karnataka State Financial Corporation to whom the property was hypot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to filing of the statement of affairs was marked as Ex.P1 the statement of affairs based on which the claim has been made in the application has been marked as Ex.P2 and the notice and acknowledgment issued to the erstwhile Directors have been marked at Exhs.P3 to P11. The said witness P.W.1 has been extensively cross-examined on behalf of the respondents. At this stage, without making specific reference to the answers elicited from the said witness, suffice it to notice that the contention as put forth in the objection statement with regard to different items of claim has been suggested to the said witness who has accepted the same and insofar as the other items under which the claims have made relating to the raw materials and other im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. The said receipt is the one issued by the Office of the Official Liquidator with regard to the realisation of the cash balance. The correspondence relating to settlement of amounts outstanding to KSFC even after the company was ordered to be wound up is produced at Exths.D8 and D19 to indicate that the entire amount outstanding to KSFC has thereafter been settled by the respondents. 10. For better appreciation of statement made by the respondents relating to items other than the property has been explained in paragraphs 32 to 35 of the affidavit evidence of RW1, which reads as hereunder: "32. Towards this claim, the Official Liquidator has on 13.8.98, acknowledged receiving personally, stock of raw materials (accessories) valued at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the witness has admitted that the said amount is still available with the Official Liquidator and the same has not been paid to the respondents, though they have settled the claim with KSFC. The company being in the process of liquidation, the said amount would in any event be available with the Official Liquidator. Therefore, to the said extent, it was contended that though a higher value was indicated, only a sum of Rs. 1,75.000/- was realized and as such, the contention that respondents are liable to pay the balance amount as a shortfall cannot be accepted. 12. With regard to the property of the company situated at No. 39, Kailasa Giri Road, C.V. Pattetai, Udayendriyam, Vaniyambadi, Tamil Nadu, the details with regard to the finan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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