MANMOHAN SINGH BHALLA Vs. ASSOTECH LIMITED

JUDGEMENT

(1.) Ca No.714/2017 in Co.Pet. No.357/2015

(2.) On 08.02016, this court had admitted the main petition, and the OL attached to this court was appointed as the provisional liquidator. Directions were issued to publish citations and for the OL to seal the premises of the respondent and take into custody the assets and books of accounts of the company etc.

(3.) This court while admitting the petition on 08.02.2016 noted that an FIR being No.121/2015, under Sections 406, 420 and 120B IPC was registered against the Managing Director of the respondent company with the Economic Offences Wing (in short 'EOW'), Delhi. The order also notes that the proceedings under Section 482 Cr.P.C. were filed, which were disposed of on 04.11.2015 wherein it was noted that a settlement agreement had been reached whereby the Managing Directors and other Directors had agreed to pay a sum of Rs.17.60 crores to the complainants within a period of one year. The schedule of payments was not adhered to and the directors defaulted.