9911796707
TMI Blog2012 (5) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... to recover a sum of Rs. 8,53,47?/- from the respondents. In this regard, it is necessary to notice at this stage that earlier the claim was made for a sum of Rs. 27,47,314/- but the same has been subsequent amended pursuant to the order passed in CA 'No.387/2007 to reduce the claim to Rs. 8,53,477/-. 2. Heard the learned counsel for the parties and perused the application papers. 3. The Company-in-liquidation was ordered to be wound up by the order dated 01.12.1999 passed by this Court in Co. P.No. 39/95. Subsequent thereto, the erstwhile Directors have filed their statement of affairs. From the materials which were available before the Official Liquidator viz., the auditors report which contained the balance sheet as on 31.03.1996, the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y was tendered as RW1 and the evidence affidavit has been produced and the said witness has been cross-examined. Further, the third respondent was examined as RW2 who has also filed his evidence by way of affidavit and he has been cross-examined. 6. In the light of the evidence tendered by the parties, the rival contentions put forth requires to be examined. 7. Before noticing the evidence tendered by the parties, the scope of consideration of an application under Section 543(1) of the Act also is to be kept in view. This Court while considering this aspect of the matter, has taken note of the law laid down by this Court in several decisions while disposing of C A. No. 888/2006 on 23.02.2012 (Official Liquidator of Ideal Jawa (India) Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... With regard to the cash/bank balance, it has been suggested to the said witness that certain other amounts were due to the bankers of the Company-in-liquidation and the said bankers had exercised their lien and adjusted the amount towards other outstanding loans. The said witness has expressed her ignorance about this aspect of the matter. Further, with regard to the third head under which the claim has been made towards loans and advances, a specific reference was made to the fact that the said amounts are mostly in deposit with the statutory authorities and therefore, the said amounts are recoverable. The witness on behalf of the applicant has not disputed the said suggestion. 10. In the light of the case that had been built-up by the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the bank deposits and they had exercised their lien. In this regard also, specific reference has been made with regard to the amounts which were available in deposit with the bank. 13. Further, with regard to the loans and advances. the said witness has mentioned the details of the amounts which were available with, .the different departments amounting to a sum of Rs. 2,16,320/-. The details indicated in para 7 of the affidavit would indicate that most of the deposits are with different statutory authorities and one of the items indicated is the amount which had been adjusted as advance amount which was lying with the landlord of the building wherein the company-in-liquidation was functioning and the advance had been adjusted by the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the banks, the Directors cannot be held directly responsible inasmuch as the same were the acts of the bankers and the landlord in adjusting the amount available with them and the Directors in no way could have prevented the same at that stage. 16. Further, with regard to the loans and advances, as already noticed, the witness (PW-1) has admitted that these are the statutory deposits and they are recoverable and it can still be recovered in accordance with law and the same cannot be considered as an act of misfeasance to hold that the respondents are guilty. If at all, it is open to be recovered, the Official Liquidator would have the liberty to seek for recovery in accordance with law. In respect of the other entry, it is shown as the am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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