- (1.) Pardeshiya Industrial & Investment Corporation of U.P. Ltd (PICUP), a secured creditor of Rainbow Steels Limited (in liquidation), wound up by order of the Court dated 09.3.1995, has filed this Special Appeal under Section 483 of the Companies Act, 1956, against the order of learned Single Judge dated 24.2.2009, in Misc. Applications (A-50 & A-52), filed by the auction purchasers of the 'plant, machinery and scrap,' awarding half the interest accrued on the amount deposited by it, on the date when the sale was held on 16.10.1995, till 14.7.1999, when the possession of the goods/assets were delivered. Learned Single Judge has found that the principles of Order XXI Rule 3 of Code of Civil Procedure, are attracted and has awarded half of the accrued interest on the amount, in deposit, with the Official Liquidator, to the applicants and adjustment of the rest of the half of the accrued interest towards liabilities to be discharged by the Official Liquidator in accordance with Section 529 and 529A of the Companies Act, 1956.
(2.) We have heard Shri Anurag Khanna appearing for the PICUP; Shri Om Prakash Mishra appearing for IFCI. Shri Ashok Mehta appears for the Official Liquidator. Shri R.P. Agarwal has appeared for the firm Kunal Enterprises, and firm Devi Dayal Harikishan respondent Nos. 2 and 3,-auction purchasers.
(3.) Brief facts giving rise to this appeal are that M/s Rainbow Steels Limited was ordered to be wound up by the Court on 09.3.1995, under Section 433(1)(a) of the Companies Act, 1956 on a petition presented by M/s Essar Gujarat Ltd. on the ground that the company was unable to pay its debts. The application to recall the order was rejected on 26.4.1995. A Special Appeal No. 382/1995 against the winding up order was dismissed on 18.7.1995. The Special Appeal Nos. 796/1995 and 822 of 1995 filed by the Ex-Managing Director were also dismissed on 9.3.1995 and 9.8.1995, respectively.;