Hemant Gupta, J. - (1.) THIS order shall dispose of C.A. No. 631 of 2006 filed on behalf of the shareholders, namely, Shri Tej Swaroop Matta, Nirmal Kumari Matta and Priyanka Matta in total holding 3,22,600 shares of the company in liquidation. C. A. No. 641 of 2006 has been again filed by Shri Tej Swarup Matta objecting to the sale of the assets of the company in liquidation. C.A. No. 127 of 2007 is filed by Shri Naresh Kumar Chately through his attorney Shri Vibhu Jhanji on the ground that he has been director of the company in liquidation and that he along with his mother and wife are the major shareholders in the company. The averments made in all the applications are similar in nature.
(2.) M /s. Kanav Steels Private Limited was incorporated as a company under the Companies Act, 1956 (hereinafter to be referred as "the Act") on February 11, 1985. The name of the said company was changed to M/s. Shree Diwan Steels (India) Limited on May 31,1990 (hereinafter to be referred as "the company"). M/s. Kanav Steels has purchased land measuring 27 kanals 5 marlas vide registered sale deed dated December 28, 1989. The order of winding up dated February 10,1999, was passed whereby the company was ordered to be wound up and the official liquidator attached to this Court was appointed as its liquidator. The Central Bank of India is one of the secured creditors of the company in liquidation. The said bank has filed an application for recovery of the amount due and payable to it before the Debts Recovery Tribunal, Jaipur, which was decided on March 17, 1999. In pursuance of the orders passed by this Court on January 11, 2006, the official liquidator was permitted to conduct the sale of all the movable and immovable assets of the company in liquidation by associating the secured creditors. In pursuance of the said order, one Avtar Singh has been found to be the highest bidder of the composite lot for Rs. 5.2 crores. The application filed by the official liquidator for confirmation of sale is pending consideration before this court.
(3.) IT has been further pointed out that one Rishi Steel Traders has got the possession of the land in execution of the decree of the civil court by giving wrong khasra numbers and, in fact, given khasra numbers of the land owned by another entity, i.e., M/s. Chately Steels and the company. It is pointed out that the claim raised by the secured creditors, particularly IFCI, is undue and illegal and that the official liquidator has raised an inflated claim on account of security/sundry charges in respect of the company in liquidation. It has been pointed out that Avtar Singh in connivance with M/s. Rishi Steels and tacitly with creditor - -Central Bank of India - -are getting the prime portion of the land auctioned through the present sale proceedings.;