ARINDAM MUKHERJEE,J. - (1.) C.P 1 of 2016 is a creditor's winding up petition (hereinafter referred to as the said petition) made under the provisions of section 433(e) of the Companies Act, 1956 (in short "Act of 1956"). The said petition was filed on or about 4th January, 2016 and was directed to be served by an order dated 14th January, 2016. By an order dated 24th February, 2016, the direction for exchange of affidavits in the said petition was given.
(2.) The said petition was admitted for a sum of Rs.73,95,617/- by an order dated 1st December, 2017 against Avani Projects and Infrastructure Ltd. (hereinafter referred to as the said Company). Three weeks' time from the date of the said order was granted to the said Company to pay off the amount for which the petition was admitted failing which the petition was directed to be advertised. The Company failed to pay the said sum of Rs.73,95,617/- or any part thereof within the time provided and as such the petition was advertised on 16th January, 2018.
(3.) At the post advertisement stage several other creditors joined the winding up proceedings and the said company was granted liberty to file an affidavit to demonstrate as to why it should not be wound up. Two of the past advertisement creditors jointly made an application under the provisions of section 450 of the Act of 1956 being C.A 224 of 2018 inter alia seeking appointment of Provisional Liquidator. In the said application by an order dated 7th September, 2018, the Official Liquidator was appointed as the Provisional Liquidator to make an inventory and prepare a list of the assets of the Company and to be in symbolic possession thereof. The Company was also restrained from dealing with its assets.;