A. Banerji, J. - (1.) This is an application by the petitioner, Sri Mool Chand Rastogi, for recalling the order dated December 8, 1986, ordering the winding up of the company, M/s, Allodial Chemical Mfg, Co. Pvt. Ltd. The prayer further is that after the above order is recalled, the company petition may be allowed to be withdrawn in terms of the compromise agreement dated January 2, 1987. The prayer in this application is supported by Sri A. N. Mahajan, learned counsel for the respondent.
(2.) A perusal of the affidavit of Sri Mool Chand Rastogi and Sri Laxmi Shankar Trivedi discloses that after passing of the winding up order by this Hon'ble court, the petitioner and the respondent have entered into a compromise agreement regarding payment of dues of the petitioner. The compromise agreement has been filed in the Court of the First Additional District Judge, Meerut, in Execution Case No. 35 of 1985, (Mool Chand Rastogi v. L. S. Trivedi) and the court has passed the order on August 20, 1987, in terms of the compromise agreement. The copies of the agreement and the order passed thereon are annexures 1 and 2 to the affidavit.
(3.) A perusal of the compromise application dated January J, 1987, does not show anywhere that any reference was made to the winding-up order passed by this court. Both the parties, it appears, concealed from the court at Meerut the fact that a winding up order has already been passed by this court. Once a winding up order has been passed in a case, it becomes effective forthwith and the properties and assets of the company are custodia legis and are placed with the official liquidator attached to the court. Consequently, thereafter, no one has any right to deal with the property of the company which has been ordered to be wound up. It appears that the compromise order was obtained from the Court of the First Additional District Judge, Meerut, without disclosing to that court the fact that a winding up order had already been passed in respect of the respondent company by this court. In this view of the matter, the compromise agreement arrived at by the parties and filed before the First Additional District Judge, Meerut, was ineffective and unenforceable.;