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TMI Blog2023 (7) TMI 1188X X X X Extracts X X X X X X X X Extracts X X X X ..... ed before the NCLT. All the parties appearing before the Court are also permitted to appear before the NCLT on 3rd August, 2023. The OL shall continue to exercise the control over all the properties of the Company under liquidation, subject to any orders that the NCLT may pass in future. Insofar as the securing of assets is concerned, the expenses incurred till 1st August, 2023 shall be paid by the OL. The same shall be reimbursed by SBI, and PNB by 14th August, 2023. SBI and PNB are free to claim the same as part of the debt against the Company. The NCLT shall pass appropriate orders to secure the assets. Until the NCLT passes appropriate orders regarding securing the assets, SBI and PNB shall bear the expenses of the security agencies. List before the NCLT 3rd August, 2023. - JUSTICE PRATHIBA M. SINGH For the Applicant : Mr. Shaantanu Devansh, Mr. Shobhit Narula Ms. Priya Chhajer, Advs. For the PNB : Mr. Hashmat Nabi and Ms. Divya Kaur, Advocates. For the OL : Ms. Ruchi Sindhwani, Sr. Standing Counsel with Ms. Megha Bharara, Adv. for OL. Mr. Jeewesh Prakash, Mr. Sandeep Aggarwal, Ms. Ritu Dubey, Mr. Sankalp Srivastava, Advocates. Mr. Bheem Sain Jai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Heard. The details of various movables, including the rigs which are located on the premises, have been placed on record. The OL took the land into possession on 1st January, 2018 when the property came to be sealed. The Applicant s struggles are well documented; these include approaching the OL s office and even filing RTI Applications, to finally come to know that Natural Oil and Gas Services Ltd. is a wholly owned subsidiary of the Company in liquidation. Under such circumstances, the Applicant has approached the Court seeking impleadment in the petition and release of the land. 5. The claim of the Applicant is that the land could fetch at least a sum of Rs. 75,000/- per month, but the Applicant has been unable to put the same to use in light of the possession by the OL. 6. The OL was asked to verify the status of the Applicant. The OL has now filed the report being report no. OLR 61/2023. As per the said report, the OL in respect of this Applicant, states as under: 8. That this office also received an application being CA No. 587/2022, filed by Mr. Ramesh Aggarwal, seeking possession of the premises located at B.K. Road, Opp Women's College Police Compound, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Patel, claiming to be the owner of land bearing Survey No. 4, Paiki-10, (Approx. 5000 sq. mtrs.) opposite Dantali Crossing, Mauje Jamiyatpura, Talluka Gandhi Nagar, District Gandhi Nagar (hereinafter subject property ). According to the Applicant, an agreement was entered into dated 9th September, 2016 with the Company in liquidation i.e., M/s Shiv-Vani Oil Gas Exploration Services Ltd. As per the license agreement, the said Company was allowed to use the said property for a period of 11 months and 29 days on a monthly license fee of Rs. 50,000/-. The Company was in arrears of license fee of more than Rs.5 lakhs. However, sometime in January, 2018, the subject property came to be attached. The land was an open land, and the Applicant, thus, prayed that the said land be disclaimed by the Official Liquidator (OL) and released. 10. Vide the last order dated 10th April, 2023, the OL was directed to verify the Applicant s documents. A report has been filed today being OLR 61/2023 in which it is stated as under: 3. That an application being CA NO. 128/2019 has been filed by Mr. Dayabhai Maneklal Patel, under section 535 read with section 457 of the Companies Act 1956, seeking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of Section 434 of the Companies Act, 1956. The Company under liquidation in the present case is M/s Shiv-Vani Oil Gas Exploration Services Ltd., This Court had passed the order of liquidation on 28th July, 2017. 15. The Company has movable and immovable assets. The movable assets of the Company included the assets within the office premises and machinery, rigs at various locations. The submission being made today by ld. Counsel for the PNB and SBI is that no action has taken place in respect of the movable assets in terms of the judgment of the Supreme Court in Action Ispat and Power Limited v. Shyam Metalics and Energy Limited (2021) 2 SCC 641. Even the winding up proceedings has not reached an advanced stage, therefore, the matter ought to be transferred to the NCLT. 16. The relevant extract of the said judgment in Action Ispat and Power Limited (supra) is extracted hereinbelow: 25. . So long as no actual sales of the immovable or movable properties have taken place, nothing irreversible is done which would warrant a Company Court staying its hands on a transfer application made to it by a creditor or any party to the proceedings. It is only wher ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisions of this Act; (b) any person aggrieved by any decision or order of the Company Law Board made before such date may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order: Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days; and (c) all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately before such date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings from the stage before their transfer: Provided that only such proceedings relating to the winding up of companies shall be transferred to the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidator, section 290 of the Companies Act, 2013 would indicate that the Company Liquidator may carry on the business of the company, so far as may be necessary, for the beneficial winding up of the company, and may even sell the company as a going concern. So long as no actual sales of the immovable or movable properties have taken place, nothing irreversible is done which would warrant a Company Court staying its hands on a transfer application made to it by a creditor or any party to the proceedings. It is only where the winding up proceedings have reached a stage where it would be irreversible, making it impossible to set the clock back that the Company Court must proceed with the winding up, instead of transferring the proceedings to the NCLT to now be decided in accordance with the provisions of the Code. Whether this stage is reached would depend upon the facts and circumstances of each case. 21. In the present case, the Provisional Liquidator was appointed in 2017. However, the winding up is not at an advanced stage. No auction has been conducted, no claims have been invited. Clearly the winding up process could consume considerable time. Accordingly, the present comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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