A.K. Banerji, J. - (1.) By means of the present application, the applicant, Modi Spinning and Weaving Mills Company Limited, has prayed for recalling the winding up order dated 19.1.1994 passed by this court and has sought further directions to the Punjab National Bank, Modi Nagar, to release the sum of Rs. 283.13 lakhs out of the 'No Lien Account' of the company.
(2.) The relevant facts are that on a recommendation dated 2.12.93 of the Board for Industrial and Financial Reconstruction (BIFR), this court, on 19.1.1994, had directed the applicant company to be wound up under the provisions of the Companies Act, 1956, and the official liquidator appointed as liquidator of the company. Two applications were filed for recalling the said order, one by Shri K.N. Modi, managing director of the company, and another by the company itself, on the ground that appeals have been filed against the order of the BIFR and the Appellate Authority had stayed the operation of the impugned order passed by the BIFR. It was also stated that a writ petition has been filed by the employees' union of the company and a Division Bench of this court, by its order dated 11.11.1994, had directed BIFR not to send the order dated 2 December, 1993, to the High Court for a period of one month and, in the meantime, the petitioners were directed to file an appeal alongwith the stay application before the appellate authority for industrial and financial reconstruction.
(3.) On considering the said applications, this court vide the order dated 2.3. 1994 directed that the winding up order dated 19.1.1994 shall remain in abeyance and the official liquidator was directed not to proceed further in the matter or to advertise the order in the official gazette till further orders of this court. It appears that, thereafter, an application was filed by the company before the Punjab National Bank, Modi Nagar, U.P., to release a sum of Rs. 283.13 lakhs from the 'No Lien Account' for payment of outstanding wages, bonus, gratuity and statutory dues of the workers pertaining to Modi Cloth Mills as per the resolution of the Board of directors of the company dated 16 June, 1994. However, vide their letter dated 1.7.1994, the Chief Manager of the Punjab National Bank, Modi Nagar Branch, wrote back to the company that as a winding up order of the company had already been passed by the Allahabad High Court on 19.1.1994 and vide order dated 2.3.1994, the court has only held the order dated 19.1.1994 in abeyance and has not recalled the winding up orders, the Board of directors of the Company ceased to exist and, therefore, the request for payment of Rs. 283.13 lakhs as decided in the Board meeting of the company cannot be acceded to for payment of the said amount. The company has, therefore, filed the present application (A-12) for recalling the winding up order dated 19.1.1994 and seeking directions, as already stated above.;