Permod Kohli, J. - (1.) THE petitioner is the ex -managing director of M/s. Vedsons Engineers P. Ltd. (in liquidation) the present petition has been moved invoking section 446 of the Companies Act, 1956, to seek a direction for protection of the property of respondent No. 1 company from being sold by respondent No. 2 in execution of the decree secured by respondent No. 3 against another company, namely, Vedsons P. Ltd. It is useful to briefly notice the facts and circumstances whereunder the present petition has been filed in this court.
(2.) RESPONDENT No. 1, namely, M/s. Vedsons Engineers P. Ltd., A -1, Sector 17 -A, Chandigarh was ordered to be wound up vide order dated May 22,1996, passed in Company Petition No. 27 of 1983. The official liquidator attached to this court was appointed as the liquidator of the company -in -liquidation. The liquidator took possession of the assets of the company on July 23, 1996. Respondent No. 1 company challenged the aforesaid order of winding up in Company Appeal No. 17 of 1996. Though initially, an interim stay was granted, however, the company appeal came to be dismissed vide order dated March 20, 1997. Aggrieved of the dismissal of the appeal, the company preferred a special leave petition before the hon'ble Supreme Court of India. The hon'ble Supreme Court of India vide its order dated January 5, 1998, granted leave and stayed further winding up proceedings. During the pendency of the proceedings before the hon'ble Supreme Court, a settlement came to be arrived at between M/s. Punjab National Bank and the company -in -liquidation. As a result thereof, the special leave petition was disposed of by the hon'ble Supreme Court of India vide order dated July 18, 2006. During all this period, the property of the company -in -liquidation taken over by the official liquidator remained in his possession and control. Before the hon'ble Supreme Court of India, M/s. Vedsons Steels and Wires P. Ltd., was impleaded as appellant No. 2. The settlement before the hon'ble Supreme Court was allowed between respondent No. 1 company, the Punjab National Bank and another company M/s. Vedsons Steel and Wires P. Ltd., added as appellant No. 2. The hon'ble Supreme Court also observed that the terms of settlement are only between appellants Nos. 1 and 2 and the Punjab National Bank and not with reference to other creditors of the company, if any. Insofar as the winding up proceedings are concerned, the same are still pending before this court. In the meanwhile, respondent No. 3, the Central Bank of India filed a suit for recovery against M/s. Vedsons P. Ltd., before the hon'ble Delhi High Court. The said suit came to be decreed on May 10,1991, in favour of respondent No. 3 bank and against M/s. Vedsons P. Ltd. It appears that the matter was transferred to the Debts Recovery Tribunal -1, New Delhi, after the creation of the aforesaid Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Tribunal issued a recovery certificate in the year 1999 on the basis of the decree dated May 10, 1991, for the recovery of an amount of Rs. 18,77,267.64. From the recovery certificate (annexure A7), it appears that besides the company, M/s. Vedsons P. Ltd., Mohali, District Ropar, Punjab, there were other individuals who were judgment debtors in the said certificate of recovery including one Smt. Raj Rani in her capacity as a guarantor of M/s. Vedsons P. Ltd. Respondent No.3 seems to have filed an affidavit before respondent No. 2 Recovery Officer alleging that Raj Rani is co -owner of property known as "Anand Cinema" Plot No. 2853 -A, Sector 17 -A, Chandigarh and secured an order for attachment of the Anand Cinema to the extent of one -third share in the aforesaid property.
(3.) THE relevant extract from the order dated February 13, 2004, passed by respondent No. 2 is quoted hereunder : Counsel for CH Bank has filed affidavit wherein it is mentioned that C. D. No. 3 is one of the co -owner of mortgaged property, i.e., commercial property (Anand Cinema, Sector 17 -A, Chandigarh) Commercial Plot No. 2853 -A, Sector 17 -A and the other co -owners are Shri Ashok Anand, Shri Subhash Anand and Smt. Asha Anand. Counsel request for attachment of the property. Request is allowed. Registry is directed to issue attachment order and notice for setting sale proclamation in respect of the share of Smt. Raj Rani Anand (C. D. No. 3) aforesaid property. This be served Dasti, Regd. A. D. post. Affixation and by beat of drum in the vicinity. Counsel for CH Bank should file service report by next date of hearing. Objections will be heard on the next date of hearing.;