J.S.Khehar, J. - (1.) MSTC Ltd., the petitioner is a Government company incorporated under Section 617 of the Companies Act, 1956. The Government of India holds about 90 per cent of its shares. The registered office of the petitioner -company is located in Calcutta. According to the averments made in the petition, the petitioner -company is carrying on the business of import, selling, auctioning of various categories of scrap, materials and allied products to various customers like Government departments, corporations, companies, firms and individual throughout the country.
(2.) SHREE Diwan Steels (India) Ltd., the respondent -company had its registered office at Ludhiana. Surjit Finance Ltd. filed Company Petition No. 96 of 1997 praying for the winding up of Shree Diwan Steels (India) Ltd., i.e., the respondent -company under Section 433(e) and (f) of the Companies Act, 1956, on July 3, 1997. On February 10, 1999, Company Petition No. 96 of 1997 was allowed by the passing of a winding up order against Shree Diwan Steels (India) Ltd., i.e., the respondent -company. The official liquidator attached to this court was appointed as the liquidator to take charge of the respondent -company, its properties, assets and records. It would be pertinent to mention that MSTC Ltd., the petitioner -company had also filed a winding up petition against the respondent -company, i.e., Company Petition No. 40 of 1997. The winding up petition filed by the petitioner -company was disposed of on February 10, 1999, in view of the order passed in Company Petition No. 96 of 1997. After the winding up order had been passed, the liquidator was required to satisfy the liabilities of the creditors (to the extent possible) out of the assets of the company (wound up). The prayer of MSTC Ltd., i.e., the petitioner in the instant case is that certain properties should be excluded from the assets of Shree Diwan Steels (India) Ltd., while satisfying debts due to creditors other than the petitioner -company. In other words, the petitioner -company claims exclusive right for the satisfaction of its claim from the respondent -company out of some of the assets of the respondent -company. The assets of the respondent -company over which the petitioner -company claims exclusive rights are the properties of the respondent -company, which were ordered to be attached by the District Judge, Ludhiana, in Criminal Misc. No. 409 -A/September 28, 1998, vide order dated September 28, 1998, as well as the properties of the respondent -company attached by the Delhi High Court vide order dated November 17, 1998. The details of the basis on which the petitioner -company has made the aforesaid claim are being narrated in the following paragraphs.
(3.) SHREE Diwan Steels (India) Ltd., i.e., the respondent -company through its directors entered into a contract for the purchase of 1,000 MT of scrap. The aforesaid agreement was executed between the parties at the regional office of the petitioner -company located in New Delhi in December, 1995. On the basis of an understanding between the parties, the respondent -company issued post -dated cheques to the petitioner -company towards the payment of the said scrap. In all, three cheques were issued. Two of the said cheques each valuing Rs. 32,76,000 dated April 27, 1996, and July 20, 1996, were in lieu of the purchased material, whereas the third cheque valuing Rs. 96,935 dated April 30, 1996, was towards interest on account of deferred payment.;