- (1.) The present appeal arises out of an order dated May 16, 1994 dismissing the appellant-Company appeal by the High Court. The short question raised by the appellant is : "Whether in the proceedings under Section 155 of the Companies Act, the Court has exclusive jurisdiction in respect of all the matters raised therein or have only summary jurisdiction - According to the appellant, there are conflicting decisions of the various High Courts in India which resulted into reference of appellant's case to the Full Bench by the Delhi High Court. The Full Bench decided that the jurisdiction is summary in nature, thus rejecting the case of the appellant that the power of the Court under this is exclusive in respect of all the matters raised therein.
(2.) In order to appreciate the point it is necessary to refer to certain facts.
(3.) M/s. Ammonia Supplies Corporation (P) Ltd. (hereinafter referred to as an appellant-Company) went in liquidation and was directed to be wound-up by the Punjab High Court Circuit Bench at Delhi. By Order dated 24th December, 1962 the said High Court was pleased to transfer all proceedings to the Court of District Judge, Delhi. It is said Shri Murarilal Bhargava is the sole beneficiary of the said Company. He filed an application for absolute stay of the liquidation proceedings which was granted on the 1st February, 1978 till further orders. He was authorised to carry on the business of the Company. The stay order was in respect of all the affairs except with regard to the assessment and of income-tax payment thereof in respect of which it was directed that the same shall be prosecuted by the Official Liquidator.;