9911796707
TMI Blog2013 (10) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... provisional liquidator. It is further noted that admittedly, from 1994 to 1996 some other security agency was deployed at the factory premises and the applicant came on the scene in the year 1996 and before giving the security arrangement to the applicant, no inventory was prepared. The learned Single Judge has also noted that a Local Commissioner was also appointed at the request of the applicant to visit the factory premises and his report indicated that the theft, if any, which took place in the meantime cannot be attributed to the applicant inasmuch as the premises were sealed by the O.L. at the time of deploying the applicant as security agency, which seals were intact even at the time when the Local Commissioner visited the premises ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 29 of the State Financial Corporation Act on 6.6.1994. However, later, pursuant to the orders of the Company Court passed in C.P. No.113/1994, the said company was ordered to be wound up and the official liquidator was directed to take possession of the assets of the said company. Accordingly, the official liquidator (the Respondent No.2) put his seal over the locks put by the Appellant in September, 1995. The inventory prepared by the Appellant on 14.6.1994 was provided to the official liquidator. Immediately thereafter, the Appellant filed an application, being CA No.600/1995 for modification of the order dated 1.2.1995 praying that the Appellant (PICUP) be permitted to retain the possession of the company and effect the sale of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present before the Company Court on 19.2.2004 in terms of the order dated 4.12.2003. The Appellant alleges that during the inspection, it was noticed that certain items which were available at the time of valuation of the assets in 1998 were missing from the factory site. Accordingly, a communication was issued by the Appellant to the Respondent No.1 on 5.2.2004 asking the Respondent No.2 to explain as to how the various assets were missing from the factory premises of the company. On 21.4.2004, another inspection was carried out of the assets at the factory unit of the company, this time in the presence of the representative of the Respondent No.1. According to the Appellant, it was noticed that along with some furniture and fixture, one o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of deploying the applicant as security agency which seals were intact even at the time when the Local Commissioner visited the premises. On the above basis, the Appellant was directed to pay the balance amount to the Respondent No.1 within three weeks after deducting Rs. 1.5 lacs, which was offered by the Respondent No.1. 5. It may be noted at this juncture that during the pendency of the Appeal, without prejudice to the rights and contentions of the parties, this Court directed the Appellant to pay a sum of Rs. 5 lacs to the Respondent No.1 and also issued a direction to the Respondent No.1 to furnish an undertaking that in case ultimately the Appeal is decided in favour of the Appellant, the Respondent No.1 would return the said amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /FUP/73 Dated 9/10.5.96 M/s. Zullu Security India (P) Ltd. SR-4, Khazana Complex, Ashiana, Kanpur Road, Lucknow 226012 Dear Sir, You are requested to provide security guards in the following units w.e.f. 10.5.96: 1. M/s. India Insulators Ltd., Fatehpur 2. M/s. Manjusha Glass Works (P) Ltd., Distt. Fatehpur The inventories of the assets of the above units are enclosed herewith. The security guards may be directed to safeguard the assets of these units and they may not receive any paper from anybody. Thanking You, Yours faithfully, (S.K. AGGARWAL) REGIONAL MANAGER C.C. To: Sri M.C. Yadav, Dy. Manager (A) for kind information. (S.K. AGGARWAL) 9. The contention of the Appellant s counsel is that the agreement provid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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