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TMI Blog2018 (1) TMI 874X X X X Extracts X X X X X X X X Extracts X X X X ..... of hearing. The cost of publication is to be borne by the petitioner who shall deposit a sum ₹ 75,000/- with the Official Liquidator within 2 weeks, subject to any further amounts that may be called for by the liquidator for this purpose, if required. The Official Liquidator to take all further steps that may be necessary in this regard to protect the premises and assets of the respondent-company. - CO.PET. 182/1999 - - - Dated:- 4-12-2017 - MR. JAYANT NATH J. Petitioner Through Mr. Abhishek Kumar Rao and Ms. Bhavya Bharti, Advs. Respondent Through Mr. Jawahar Raja and Mr. Chinmay Kanojia, Advs. R-1, 3, 6 JAYANT NATH, J. (ORAL) 1. This petition is filed under section 433(1)(e) of the Companies Act, 1956 (h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, one opportunity was granted to the contemnor to deposit an amount of ₹ 15 lacs either personally or from the accounts of the company within a week to purge his contempt. It has been further pointed out that pursuant to the said order dated 18.9.2000 the necessary ₹ 15 lacs was deposited. 5. My attention has also been drawn to the affidavit on behalf of respondent in reply dated 25.5.2000 filed by the respondent whereby the respondent has stated that the amount payable as stated in Swiss Francs by the petitioner is not disputed whereas the amount payable in Indian currency on conversion is disputed. 6. Learned counsel for the respondent, however, states that the company has stopped functioning only in April, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wound up and the assets be sold and the proceeds be distributed after paying off the creditors. 9. I may note that none has appeared for the Sandeep Jain Group and Pradeep Jain Group who both have 20% shareholding each. 10. I may first have a look at the order of this court dated 18.9.2000. This court by the said order noted that on 22.5.2000 the respondent was directed to file a Statement of Accounts either indicating the amounts due and payable to the petitioner company or reconcile a statement indicating that no amounts are payable. Mr.Vinod Kumar Jain had filed an affidavit on 25.5.2000 wherein in paragraph 10 he admitted the liability of the outstanding amount which is stated in Swiss Francs. The Court further noted that on 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the said 15 lacs is said to have been deposited. It is manifest from the said order that Mr.Vinod Kumar Jain has been acting in a manner detrimental to the respondent company. 12. As far as the present petition is concerned, I may note that in para 10 of the affidavit dated 25.5.2000 that was filed pursuant to order of the court dated 22.5.2000 the respondent has stated as follows:- 10.That the Respondent even requested the Petitioner to settle the disputes whenever he visits India next time as the conversion rate has to be fixed/settled first so that the payment could be made accordingly. However at present the amount which has been raised as outstanding against the Respondent in the present petition is correct only to the exte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not been able to clear its dues. 16. In fact, I may mention that learned counsel appearing for Raj Kumar Jain has pointed out to the order of 11.10.2011 of BIFR where BIFR has noted that despite having surplus land the management is neither willing to pay any money nor is able to generate funds for the revival of the company. It also noted that the present management of the company is not serious in taking steps for revival of the company and the adamant attitude is creating hindrances in the path of revival. However, I may only add that as submitted by learned counsel appearing for the Vinod Jain Group this order was stayed before AAIFR where an appeal is stated to be pending at the relevant time. 17. Reliance may be had to the j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt case is undisputed. Only dispute is of quantification. Keeping in view the undisputed facts that there are confirmed dues payable to the petitioner company I admit the present petition. The Official Liquidator attached to this court is appointed as the Provisional Liquidator. He is directed to take over all the assets, books of accounts and records of the respondent-company forthwith. The citations be published in the Delhi editions of the newspapers Statesman (English) and Veer Arjun (Hindi), as well as in the Delhi Gazette, at least 14 days prior to the next date of hearing. The cost of publication is to be borne by the petitioner who shall deposit a sum ₹ 75,000/- with the Official Liquidator within 2 weeks, subject to any f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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