DURGA DAS NAYYAR Vs. OFFICIAL LIQUIDATOR BOMBAY THREAD MILLS CO LTD
HIGH COURT OF PUNJAB AND HARYANA
DURGA DAS NAYYAR
OFFICIAL LIQUIDATOR, BOMBAY THREAD MILLS CO. LTD.
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(1.) THIS is an appeal against an order of the District Judge on the liquidation side disposing of an application filed by the Official Liquidator of the Bombay Thread mills Company Limited (in liquidation ).
(2.) THE facts are that the Company went into voluntary liquidation on 4-10-1952, mr. R. L. Khosla, the Managing Director, being appointed as Voluntary Liquidator. However, on 6-10-1952 a petition was presented for the compulsory winding up of the Company, and this was ultimately ordered by the Court on 5-12-1953.
(3.) IT seems that by a partnership deed Exh. R. 10 the Company had in October 19-19 entered into a partnership with Durga Das Nayyar appellant, the partnership firm being called the B. T. M. Tube Reeling Works. The partnership agreement provided that the parties should invest equally in the machinery etc. and the firm should work in part of the Company's premises, for which the firm was to pay one-third or the rent of the whole premises. On 5-6-1952 about five months before the company went into voluntary liquidation, Durga Das Nayyar and R. L. Khosla entered into an agreement to refer certain alleged disputes arising between the company and Durga Das Nayyar to the arbitration of Mr. Kishan Chand Sondhi advocate. The arbitrator delivered his award on 15-10-1952, i. e. , several days after the Company had gone into voluntary liquidation and after the compulsory winding up petition had been instituted. An application was made on 10-1-1953 for making the award a rule of the Court and this was done on 20-2-1953.;
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