SALIL K.ROY CHOWDHURY, J. - (1.) THIS is an application by the petitioner, Benaras Electric Light and Power Co. Ltd., hereinafter referred to as ' the company (in liquidation)', under Sections 468 and 518(1)(b) and (4) of the Companies Act, 1956, for anorder against the respondent, U. P. State Electricity Board, hereinafter referred to as ' the Board ', to pay to the liquidators of the company (in liquidation) a sum of Rs. 68,29,636'87 together with interest thereon at the rate, the court may think fit being the amount collected or realised by the Board between 4/5th February, 1975, till 30th of April, 1979, and all further collections made by the Board during the period 1st May, 1979, till the date of the order to be made herein from the company's (in liquidation) consumers on account of arrears of charges of electricity supplied to them by the company (in liquidation) up to the midnight of 4th/5th of February, 1975, which the respondent -Board is now holding for and on behalf of the company (in liquidation) and/or in trust for and as agent of the company (in liquidation) within a week from the date of the order and render a complete account of such collections.
(2.) THE admitted facts are that the company before it was voluntarily wound up acquired the right to generate, supply and distribute its electrical energy to its consumers within and outside the municipal city of Benaras known as ' Varanasi' and the company's fight to generate, supply and distribute was subject to the terms and conditions of the -licence and the Indian Electricity Act, 1910. The said licence was granted for a period of 50 years. By a letter dated the 1st of February, 1974, addressed to the managing agent of the company (now in liquidation), M/s. Martin Burn Ltd., a notice under Section 6 of the Indian Electricity Act, 1910, was given to sell and deliver the undertaking of the said company to the respondent, the said Board, on the expiry of the initial period of the company's licence, that is to say, on the midnight between 5th and 6th of February, 1975. Thereafter, the company challenged the said notice of purchase in a writ petition before this court on various grounds and ultimately, by an order dated the 11th of August, 1976, passed by M.M. Dutta J. the rule and the application was withdrawn by the company on the grounds that there have been some adjustment between the parties, who have filed an affidavit expressing their consent to such withdrawal. Therefore, the said rule was discharged and the petition was withdrawn and all interim orders were vacated. There was also a minute of a meeting held on the 8th of June, 1975, between the company and the Board in the room of the Chairman of the said Board at Lucknow a copy of which is annexed to the affidavit -in -reply affirmed by one Saradindu Gupta on the 23rd of May, 1080, wherein it has been recorded that the valuation of the undertaking of the company (in liquidation) would be made under the provisions of the Indian Electricity Act, 1910, as amended by the Indian Electricity U.P. (Amendment and Validation) Act, 1975, and the Board and the company would do everything in their power to expedite the completion of the valuation of the undertaking by the Special Officerappointed by the U.P. Govt. by its order dated the 29th of March, 1976, so that the final payment of the amount payable by the Board, if any, to the company was to be made within 12 months from the date of withdrawal of the writ petition and it was resolved that the same final payment, if any, was to be made within a period of 12 months from the date of withdrawal of the said case and obviously thereafter the said writ petition was withdrawn. It also appears that the said company went into voluntary liquidation under members' voluntary winding -up and the deponent, Saradindu Gupta, and one Ramendra Nath Mukherjee were appointed Joint Liquidators of the said company (in liquidation). It 'is also now admitted as would appear from the annexures to the affidavit of Saradindu Gupta dated the 24th of January, 1980, being the grounds of this application that the said Board has collected up to June, 1978, a sum of Rs. 67,91,122.23 on account of arrears of electricity charges from the date of the taking over, that is, the midnight of 5th of February, 1975, to June, 1975, from the consumers of the said company (in liquidation) payable to the company up to the date of the taking over and there was still Rs. 19,31,06.32 outstanding on account of the said arrears of bills from the consumers of the company prior to the date of taking over by the Board.
(3.) IT now appears that the amount payable to the company (in liquidation) has not yet been fixed by the Special Officer under the U.P. Electricity (Amendment and Validation) Act, 1975, read with the Amendment Act, 1974.;