SANJIB BANERJEE, J. - (1.) On the basis of the affidavit filed on behalf of the company, there is substantial basis to the joint oral prayers made on behalf of the several creditors represented that the Official Liquidator should be appointed as provisional liquidator over all the assets and properties of the company. The creditors refer to a news article published in "The Times of India", Mumbai Edition on December 16, 2011 entitled "Dunlop put Worli property on the block." Though no affidavit has been filed by any of the creditors taking responsibility for the statements contained in the news article, the appearing creditors say that they have been handicapped since the company's affidavit that was to be filed pursuant to the direction contained in the order dated December 9, 2011 has only been made over to Court today and appears to have been affirmed today.
(2.) In such affidavit, the company has indicated some figures but no details in support thereof have been furnished in accordance with the order dated December 9, 2011. The excuse proffered in the affidavit is that the books of accounts of the company are apparently lying at the Ambattur and Sahaganj units of the company. As to the records in Ambattur, the affidavit says that the company has commenced the scrutiny of the books and "would require some further time"; as to the Sahaganj factory, the affidavit says that there is a suspension of work thereat and it is submitted on behalf of the company that the officers of the company have no access to the Sahaganj unit.
(3.) There may be some basis to the creditors' assertion that the company is deliberately buying time for the purpose of alienating its assets notwithstanding the blanket order of injunction that has been passed against it. Some of the creditors allege, though without any affidavit in support, that some of the assets originally standing in the name of the company have apparently been hived off in favour of subsidiary companies and are now in the process of being sold. However, in the absence of any particulars forthcoming from the creditors, no specific order in such regard can be made.;