- (1.) THE petitioner filed this application under Section 531a of the Companies Act, 1956 (hereinafter referred to as "the Act" ).
(2.) THE case of the petitioner is that he is a creditor of M/s Haryana Rubber Industries (P.) Ltd. (hereinafter called " the company "), against which the petition (C. P. No. 191 of 1980) for winding up was presented on August 21, 1980, on which date notice was issued to the company. It was ordered to be wound up on March 5, 1981. Mr. Gian Singh was its chairman who died in 1979. The company, after his death, stopped functioning in January, 1979. R. K. Grover, respondent No. 2, in collusion with the State Bank of India, respondent No. 3, sold a boiler known as Lancashire boiler of the company having a market price of more than five lakh rupees for a paltry amount of Rs. 85,000 to M/s Sandeep Paper Mills Pvt. Ltd. , respondent No. 1, on February 15, 1980. It is alleged that the transfer was not in the ordinary course of business of the company and that it was not bona fide and for valuable consideration.
(3.) IT is further averred that respondent No. 2 started two concerns by the name of M/s Param Rubber Industries, and M/s Param Rubber and Allied Industries, respondent No. 5. He, along with some others, also floated another concern by the name of M/s Param Rubber Industries P. Ltd. , respondent No. 6. All the assets of the company are now either in the name of M/s Param Rubber Industries or M/s Param Rubber and Allied Industries or M/s Param Rubber Industries P. Ltd. Respondent No. 2 took away the mixing mill and 1,500 mandrels of the company illegally and unauthorisedly which are now with either M/s Param Rubber Industries or M/s Param Rubber and Allied Industries or M/s Param Rubber Industries P. Ltd. He did so in collusion with other shareholders of the company in order to defeat the claims of the creditors, who now want to run the factory belonging to the company. It is, therefore, prayed that the transfer of the boiler to respondent No. 1 and that of the mixing mill and 1,500 mandrels to others, as stated above, be declared to be null and void and the official liquidator, respondent No. 4, be directed to take possession of the same forthwith.;