- (1.) As facts and legal issues involved are similar, the judgment in this application (C.A. No. 123 of 2011) will also govern and is to be treated as the judgment in the other two applications being C.A. No. 124 of 2011 and C.A. No. 125 of 2011.
(2.) A Company A. Talukdar & Company (Fertilizers) Pvt. Ltd. was directed to be wound up by this Court, on 9th November, 1998, on an application filed by Indian Potash Ltd., numbered as CP. No. 12 of 1998. On 16th July, 2010 on a letter for direction taken out by the Official Liquidator, I gave him leave to sell the properties of the Company in liquidation on "as is where is basis". Sometime in 2010 the contributories of the Company took out an application (C.A. No. 657 of 2010) under Section 466 of the Companies Act, 1956 for revival of this Company and for vacation of the order of winding up. That application came up for consideration before me on 6th September, 2010. It was recorded by me in an order passed on the same day that the only real claimant against the Company was the secured creditor bank, namely, United Bank of India. The other claimant was the petitioning creditor at whose instance, the Company had been wound up, on a claim of about Rs. 8,00,000/-. It was said on behalf of the contributories that the claim of the secured creditor of Rs. 72,00,000/- had been satisfied by payment by bank draft. The petitioning creditor had also been paid, by a bank draft for Rs. 8,01,122/-. It was submitted on behalf of the Official Liquidator that his office had expended a sum of about Rs.2 lacs towards winding up of the Company. Furthermore 14 lacs had been collected from the "tenants".
(3.) The Official Liquidator, the said secured creditor and the petitioning creditor stated that they had no objection to the revival of the Company. In those circumstances on 6th September, 2010 the winding up order dated 9th November, 1998 was set aside with a direction upon the Official Liquidator to hand over the assets and other properties of the Company "in his hands" to the applicants. THEy were treated as trustees of the Company. Furthermore, after deduction of the said expenses of Rs. 2 lacs from the sum of Rs. 14,00,000/- held by the Official Liquidator, the remainder was to be made over to the Company. The property of the Company in liquidation had inter alia one occupier by the name of M/s. Royal Blue Accessories Company. They made an application before this Court which was numbered as T.A. No. 76 of 2010. They expressed the apprehension that they would be dispossessed during handing over of possession of the assets and properties of the Company by the Official Liquidator to the contributories.;