Tarun Agarwala, J. - (1.) A number of petitions were filed for winding up of the company known as M/s. Srishti Video Corpn. Ltd. under Sections 433 and 434 of the Companies Act, 1956. This Court on 16 -8 -1999 passed an order for winding up of the company, pursuant to which the Official Liquidator took charge of the assets of the company. Subsequently, an application A -36 was filed by the company through its promoters and also by the new investors praying therein that the winding up order dated 16 -8 -1999 be recalled. In the application it, was alleged that the company had made certain arrangements with the unsecured creditors as well as with the secured creditors to pay all their debts in a phased manner. On the said application, notices were issued to the secured creditors inviting their objections. The secured creditors appeared before the Court and did not oppose the revival of the company and submitted that the proposal for the settlement and reschedulement of the dues of the company was under consideration. This Court passed an order dated 10 -8 -2000 under Section 466 of the Companies Act directing that the winding up order dated 16 -8 -1999 would remain in abeyance subject to certain conditions, namely - - "1. The winding up order dated 16 -8 -1999 shall remain in abeyance till further orders.
(2.) ANY of the creditors would be at liberty to approach this Court for withdrawing the abeyance order in case such an exigency arises because of the company not honouring the settlements and defaulting in making payment as agreed upon. The possession of the assets and properties of the company shall be delivered back by the Official Liquidator.
(3.) ANY realisation made by the Official Liquidator shall be held by him till further orders of this Court. He shall make a fixed deposit initially for a period of three months in Punjab National Bank, Civil Lines, Allahabad within a week from today. Thereafter he shall seek instructions of this Court for further course to be adopted by him. He shall present a report before this Court within two weeks after having complied with this direction." 2. Pursuant to the aforesaid order, the Official Liquidator delivered back the possession of the assets and properties to the promoters of the company. 3. Application A -36 has now been filed by a secured creditor, namely, Syndicate Bank, stating therein that the company had defaulted in its commitments and did not make the payments as was agreed with the bank and therefore, prayed that the order of this Court dated 10 -8 -2000 be recalled and the Official Liquidator be directed to take the possession of the assets and the properties of the Company and proceed further in accordance with the law as per the winding up order passed by this Court. 4. This Court vide order dated 24 -2 -2003 issued notices to the company, the promoters and the new investors to explain and prove whether they have or have not honoured the commitments made by them and further show cause why the order dated 10 -8 -2000 is not recalled.;