- (1.) This appeal is directed against the orders passed by the Punjab & Haryana High Court asking the appellant to deposit in court the sum of Rs. one crore that it had received in connection with the sale of the property of M/s. Pure Drinks (New Delhi) Ltd. (respondent no.2), for the liquidation of which a proceeding remains pending in the High Court. The first order in this regard was passed by a learned Single Judge on 14 March, 2000 on an application made by Neel Kamal Plastics Ltd. (respondent no.1), one of the several creditors of the second respondent, M/s.Pure Drinks (New Delhi) Ltd. (hereinafter referred to as 'the Debtor Company'). By this order the appellant was directed to deposit the aforesaid amount in twelve equal monthly installments of Rs.8.5 lakhs beginning 15 April, 2000. Against the order passed by the learned Single, the appellant preferred an appeal before the Division Bench of the Court under Section 483 read with Section 466 of the Companies Act, 1956. The Division Bench affirmed the order of the Single Judge and dismissed the appeal vide order dated 3 December, 2001 in Company Appeal No.12 of 2000. The present appeal is directed against the order passed by the Division Bench.
(2.) The Debtor Company has a number of creditors. Some of its creditors instituted proceedings for recovery of their dues before different courts and authorities, including the Punjab & Haryana High Court, the Delhi High Court and the Debts Recovery Tribunal, Delhi. The Debtor Company and the other parties to those proceedings, apparently guided by expediency and motivated by self interest did not consider it their duty to report to the concerned Court/Tribunal about the analogous proceedings before other Courts. As a result, orders came to be passed by courts that do not seem to be harmonious or completely consistent with each other. The overall picture, therefore, appears to be somewhat murky and confused. For disposing of this appeal, however, it is not necessary to go into all the details and we shall take note of only certain facts which are admitted by the parties or are, in any event, undeniable.
(3.) The appellant, not being successful in recovering its dues from the Debtor Company, moved the Punjab & Haryana High Court in Company Petition No. 16 of 1997 for putting M/s. Pure Drinks (New Delhi) Ltd. to liquidation in terms of Sections 433 and 434 of the Companies Act. On 20 February, 1997, the Court passed the following order in that case: "Notice to show as to why the petition for winding up be not admitted. To come up on April 3, 1997 The respondents shall not alienate or dispose of nay property except in the regular course of business without the permission of the Court." (emphasis added);