S.K.Dutta, J. - (1.) This is an application for winding up of the above-mentioned company. The more relevant facts giving rise to this application may be summarised hereinafter for convenience.
(2.) Between the 11th day of April, 1956, and the 21st day of February, 1959, the abovementioned company, Steel Equipment and Construction (P.) Ltd., guaranteed repayment of a loan of Rs. 1,97,000 made by the applicant to its sister concern, D.C. Dhiman and Brothers (P.) Ltd.
(3.) On 10th April, 1961, the petitioner instituted a suit, inter alia, against D.C. Dhiman & Brothers Private Limited impleading the guarantor, above-mentioned Company, Steel Equipment & Construction (P.) Ltd. for Rs. 2,10,000 and other reliefs. On 5th September, 1962, consent decree was passed for Rs. 2,45,000 in favour of the petitioner against the defendants including the abovementioned company, Steel Equipment & Construction Private Ltd. The said decree also created a charge on the assets of the said company being premises No. 22, G. T. Road, and the machinery lying thereat for payment of the decretal amount and interest. On 1st June, 1963, the petitioner through its solicitors gave a statutory notice of demand to the abovementioned company by registered post. On the same day, a suit was instituted by the said company in the Howrah court being Title Suit No. 177 of 1963 against the petitioner and other parties for a declaration that the said consent decree in Suit No. 543 of 1961 was verbally adjusted between the parties and the petitioner herein had agreed to finance the company with further advances. Thereupon the said company also obtained in the said Howrah suit an ex parte interim order restraining the petitioner from committing breach of the said alleged verbal agreement pleaded in the Howrah suit. On 6th July, 1963, the petitioner received a reply to their statutory notice, dated 1st June, 1963, from the said company wherein it was alleged, inter alia, that the said consent decree in Suit No. 543 of 1961 of this court was adjusted and upon terms, inter alia, that the petitioner will finance the company to the extent of a further sum of Rs. 4,58,000, that the said company had filed a suit in the Howrah court being Title Suit No, 177 of 1963 and had obtained an injunction against the petitioner restraining him from committing breach of the said oral adjustment or agreement. On 8th July, 1963, the petitioner filed an application for winding up of the company being Company Petition No. 138 of 1963, which was admitted on 9th July, 1963, when directions were given, inter alia, fixing the hearing on 8th August, 1963. On 10th July, 1963 the petitioner made an application in the said winding-up matter, their Application No. 172 of 1963, for appointment of a provisional liquidator of the company, whereupon the court was pleased to appoint a receive for limited purposes only. On 15th July, 1963, the said order of appointment of the official liquidator as receiver was somewhat modified but he continued to be the receiver. This application is still pending.;