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TMI Blog2023 (10) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... a & Sethna. For the Respondent No. 2 in IA No. 3663 of 2022 : Mr. Amir Arsiwala a/w. Mr. Farzeen C. Pardiwalla. Mr. Cyrus Ardeshir i/b. Mr. Piyush Deshpande for Applicant in IAL/29439/2021 and for Respondent No .3 in IA No. 3663 of 2022. ORDER P.C. : The present application has been filed by the Applicant claiming to be a major shareholder and secured creditor of Svadeshi Mills Company Ltd (in liqn.) ("Company"), seeking an order of permanent stay of its winding-up, which was commenced pursuant to an order dated 05.09.2005 passed by this Hon'ble Court. The circumstances in which such relief is being sought have been set out in detail in the application and have been considered by a previous Bench in an order dated 21.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n liquidation, the Applicant will deposit such further amount as may be necessary to discharge those liabilities; (b) that it will pay to any individual ex-worker who is not willing to accept the amount in accordance with the Agreement for Settlement, higher of the amount that may be adjudicated by the Official Liquidator in accordance with the order of the Division Bench dated 22 December 2015 and the amount which is payable under the Agreement for Settlement; (c) that it will make necessary provision for rehabilitation of the ex-workers and/or their families who are in occupation of the residential quarters/chawls situated on the premises of the company and also those ex-workers and/or their families who were made to vacate the resi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed an application being Interim Application (L) No. 8053 of 2023, which was disposed off by way of an order dated 13.09.2023. As such, today there is no objection to the relief sought in the present application from any stakeholder. 5. With respect to clause (i) of paragraph 17 of the order dated 21.12.2022, the time to deposit the amount of Rs. 240 Crores was extended on 01.02.2023 and then on 13.09.2023. By way of order dated 13.09.2023 in Interim Application (L) No. 18070 of 2023, the Applicant was given three weeks to comply with the direction to deposit Rs. 240 Crores with the Official Liquidator. In compliance of this direction, the Applicant has deposited the amount of Rs. 240 Crores with the Official Liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) Direct the Official Liquidator to prepare a statement of accounts alongwith the Assets and Liabilities of the company as on the date of the order granting permanent stay of its winding up, and to thereafter handover the same to the Applicant alongwith the memorandum and articles of association. The Official Liquidator is directed to do so within four weeks of this order. (C) (iii) Direct the Official Liquidator to address a letter to the Registrar of Companies and all such other authorities as may be required, placing on record that the order of winding up of Svadeshi Mills Co. Ltd. (in liqn.) dated 05.09.2005 has been permanently stayed by an order of this Hon'ble Court under section 466 of the Companies Act, 1956. The Official L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is paid either the settlement amount, or the amount adjudicated by the Official Liquidator as per the order of the Division Bench dated 22.12.2015 in Appeal No. 447 of 2015, whichever is higher. E. The Company and its appointed board of directors shall comply with all provisions of law including Companies Act, 2013. F. The Registrar of Companies is directed to restore the status of the Company to "Active" within a period of three days from receipt of a certified copy of this order. 9. The Official Liquidator has, consequent to the deposit of Rs. 240 Crores made by the Applicant, filed Official Liquidators No. 149 of 2023 seeking consequential directions. The said Official Liquidators Report No. 149 of 2023 is allow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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