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TMI Blog2022 (1) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... order of winding up has already been passed of a Government Company and the State files an application for recalling the order passed by this Court of winding up, the same can be done by the High Court. The application filed by the State of Rajasthan deserves to be allowed and winding up order dated 03.09.1997 is recalled and the Company-Rajasthan State Agro Industries Corporation Limited, is revived - Application allowed. - S.B. Company Application No.130/2000, S.B. Company Petition No.30/1996 - - - Dated:- 16-12-2021 - Hon'ble Mr. Justice Ashok Kumar Gaur For the Appellant(s) : Mr. Gaurav Sharma Saraswat, Adv. for Official Liquidator, Mr.Ruvit Kumar, Official Liquidator For the Respondent(s) : Mr.M.S.Singhvi, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thdraw the winding up petition and to get back the properties from the Official Liquidator. The matter was pending before this Court and an application was also moved on 24.01.2019 with a prayer for handing over the assets of the Company to the State Government. The applicant has pleaded that the matter was again considered in the Cabinet and as per Cabinet Memo No.87/2019 proposal was approved for making payment of entire outstanding amount of the Company. The applicant has submitted that all the entire share-holding of the company is owned by the State Government and its officials and as per report of M/s Rajvanshi Insolvency Professional Private Limited dated 05.07.2018, the total value of the assets of the company is worked out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e allowed, in view of the decision taken by the State Government to pay off the third party dues and take over the remaining loan advanced by the State Government to the Company and straightway be permitted to take over the Company i.e. Rajasthan State Agro Industries Corporation Limited or in alternative winding up order of the Company be recalled/reviewed and the company may be directed to be revived by the share-holders of the Company namely, the State Government and its nominee. The Official Liquidator has filed reply to the application. The Official Liquidator has submitted that possession of the assets of the Company pursuant to the order of the High Court and as per Sections 456 and 460 of the Companies Act, 1956, the Official Liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the scheme has been submitted by the shareholder itself and major creditor is the State Government and other creditors constitutes only around 10% of the total dues and as such State has full authority to seek for revival of the company. Learned counsel Mr.Gaurav Sharma Saraswat appearing on behalf of the Official Liquidator, submitted that there has been amendment in the Companies Act, 2013 and by virtue of provision contained in Section 434, the matter if at all requires revival of the company or recalling the order of winding up, the same now needs to be transferred to the National Company Law Tribunal. Learned counsel has further submitted that the proposed arrangement or compromise as alleged by the applicant can always be looke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by learned counsel for the parties and perused the material available on record. This Court finds that the Company Petition No.30/1996 was filed under Section 433(a), (e) (f) read with Section 439 (a) of the Companies Act, 1956 and the said company petition was allowed vide order dated 03.09.1997. This Court further finds that Rajasthan State Agro Industries Corporation Limited was a Government Company within meaning of Section 617 of the Companies Act, 1956. The Company had sought voluntary winding up and this Court considering all aspects of the matter, allowed the winding up petition. This Court further finds that the company is wholly owned by the State Government and its officials and as such if the State Cabinet has tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court that whatever expenses have been incurred for maintenance of the property, the same have already been reimbursed to the Official Liquidator and further the State will pay the expenses till the properties are returned back to the State Government. This Court, however, finds that the technical objection has been raised about transfer of the present applications, as per provisions contained in Section 434 of the Act, 2013. This Court finds that though Sub-clause (c) of Section 434 of the Act, 2013, speaks of transfer of certain proceedings to the National Company Law Tribunal including the proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of the Companies pending before the High Court, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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